Due to mounting debts, one of the US’s largest firearms manufacturer, Remington Outdoor, has officially filed for chapter 11 bankruptcy protection.
Remington, which The Guardian reports is a 202-year-old company, made the official filing over the weekend. The announcement was ironically made during the same weekend of a March For Our Lives protest, in which children across the U.S. called for stronger gun control laws.
Going off what we already know, the company plans to transfer control of the firm to its creditors in an effort to reduce its debts. Remington has said it had debts ranging from $100m – $500m.
This news is a continuation of the struggles gunmakers have faced since Donald Trump, the man who calls himself a “true friend” of the industry, was elected as President.
The announcement also comes after the banking firm Citigroup said it would no longer approve of its business customers to sell firearms to anyone under 21-years-old, or anyone who hadn’t passed a sufficient background check.