PhotoRemington Outdoor, one of the oldest firearm manufacturers in the United States, filed for bankruptcy protection on Sunday amid mounting debt and declining sales. The gun maker had said last month it was nearing a bankruptcy filing, which it made on Sunday in federal bankruptcy court in Delaware. PhotoUnder Cerberus, Remington’s sales initially boomed as total gun sales in the United States grew. In 2012, nearly 8.6 million guns were made in the United States, up from about 3.3 million in 2002. Families of the Sandy Hook victims sued Remington, saying the manufacturer of the military-style assault rifle used by the gunman bears some responsibility for the attack.

Source: New York Times March 26, 2018 02:51 UTC