The country's oldest gun-maker is headquartered in Madison, N.C., but employs approximately 1,000 people in Ilion, 69 miles east of Syracuse. Minimum age to buy guns have raised to 21.
"We will be positioned to grow our business, continue to innovate and introduce new products, to expand our partnership with new and existing customers and to capture opportunities in new markets", said Anthony Acitelli, Remington's CEO.
Creditors will end up with a stake in the company A pre-packaged plan of reorganization is expected to be filed with United StatesBankruptcy Court in Delaware.
Blame for the gun maker's fall is being cast on a dramatic drop in firearms sales since Donald Trump was elected president. The company said it will turn over control to creditors as part of a plan that will allow it to cancel $775 million of debt.
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Remington was founded in 1816 in upstate NY and is one of the largest and oldest US producers of firearms.
Remington's parent company Cerberus Capital was shunned by investors after its Bushmaster gun was used in the 2012 attack and has now been forced to borrow $100 million to continue operations. The gunman used a Remington assault rifle to gun down 20 students and six faculty members (a similar weapon was used in the Parkland shooting).
Remington Arms has filed for bankruptcy after a sharp sales decline under President Trump.
In 2017, firearm background checks, a good barometer of sales, declined faster than in any year since 1998, when the Federal Bureau of Investigation first began compiling such data. It has been many years that we have seen these kind of numbers. But half of those guns are owned by only 3 per cent of the population.
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Area state Assemblyman Marc Butler told WAMC at the time: "This is simply a reaction to a general down turn in the firearms industry".
Congresswoman Claudia Tenney did release a statement after Remington declared bankruptcy, and says the company has given assurances that this filing is primarily to restructure their debt and that there will be no loss of jobs. Likewise, profits at Sturm, Ruger & Co. are under pressure, and its stock is down 18 percent this year.
The firm also is looking into creating new investment funds that exclude gunmakers and retailers.
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