After 200 Years, Remington Files For Bankruptcy

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Remington Outdoor filed for bankruptcy on Sunday as students across the U.S. marched against gun violence this weekend.

One of the largest and oldest gun manufacturers in the United States has filed for bankruptcy.

Remington Outdoor, founded in 1816, made its filing on Sunday as marches against gun violence were wrapping up across America.

Though the company has seen financial difficulties for some time -- notably after the Sandy Hook school shooting in 2012, where one of its rifles was used -- the election of President Donald Trump has added to its struggles by way of the 'Trump slump'.

Although its financial troubles go back further, in recent months, the company has found itself on the losing end of a phenomenon in which higher gun sales are seen under Democratic presidents, as gun enthusiasts fear greater gun control, and drop under Republicans.

[F]irearms sales were brisk under President Barack Obama, and in October 2016, when polls showed Hillary Clinton the likely next president, gun sales hit a record, only to drop off precipitously after the election. Industry observers have dubbed the current downturn in sales the "Trump slump."

Following the Sandy Hook massacre, Cerberus Capital Management -- which purchased Remington Outdoor in 2007 -- tried to unload the company but failed to find a buyer.

A Remington-manufactured Bushmaster rifle was used in the school shooting, which killed 20 children and six adults.

Remington was later sued by the relatives of nine people killed and one who survived the Sandy Hook massacre, but the suit was dismissed by a state Superior Court judge.

Remington also has been affected litigation resulting from public outcry over gun violence and mass shootings:

In 2016, the Massachusetts attorney general sought information from the company on complaints and recalls, citing an investigation into its compliance with state laws and regulations on gun safety.

Remington has also been sued by individuals claiming some guns are defective, and voluntarily recalled some of its models.

According to NPR, Remington employs 3,500 people and is one of the largest gun makers in the U.S.