U.S based gun manufacturer Remington Arms Co filed for Chapter 11 bankruptcy protection on July 27. Some recent incidents involving school shootings in the United States resulted to multiple gun sellers placing additional restrictions on purchase of guns.
These additional restrictions caused financial troubles to some of companies engaging in guns business.
This now makes it the second time in two years the gun manufacturer is filing for bankruptcy. Remington made the filing in U.S. Bankruptcy court for Northern District of Alabama.
Back in 2018, the company had filed for bankruptcy after it was financially distressed struggling to meet its promises to its lenders. Nonetheless, the company came out of bankruptcy the same year following ownership of its creditors.
According to the recent filing, Remington gas listed its assets being worth around $100 million while its liabilities sum up to around $500 million.