One of the Largest Gun Manufacturers in the Country Files for Bankruptcy

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The Madison, North Carolina-based firm manufactured the Bushmaster AR-15-style rifle used in the Sandy Hook Elementary School massacre that left 20 first-graders and six educators dead in 2012. The company's CFO Stephen Jackson said in court papers that its sales dropped significantly in the year before its bankruptcy.

The company plans to continue making guns during the Chapter 11 process, which is meant to reduce its debt by $700 million, according to CNN Money.

The gun maker originally announced its plans for Chapter 11 bankruptcy protection back in February, but is only just now filing. The young man who killed 20 first-graders and six educators in the Sandy Hook shooting in CT in 2012 used a Bushmaster. Cerberus eventually let its institutional investors cash out of Freedom Group, which remained on Cerberus' books, eventually renamed Remington Outdoors. The pro-firearms attitude presented by the Trump administration has resulted in a sharp decline in gun sales, informally dubbed the "Trump Slump" by industry experts. Family members of the victims have filed suit against the company.

Sales fell by a third a year ago following the election of Donald Trump as US President - the reasoning being that there was no perceived risk of a clampdown on sales. It has been many years that we have seen these kind of numbers.

Remington is planning to use the Chapter 11 bankruptcy to restructure its debt.

While Remington maintains that the guns are safe, the company has agreed to replace the triggers on millions of guns in a class action settlement.

Since 2009, the number of guns in private hands in the United States has exceeded the country's population. The company has refused to say whether the bankruptcy filing - which it first signaled last month - will affect the settlement.

Some US retailers have raised the age limit for certain firearms purchases to 21 or stopped stocking semi-automatic weapons.