Remington, one of America’s oldest and largest gun manufacturers, has filed for Chapter 11 bankruptcy.
The company, founded in 1816, is known for manufacturing the AR-15, the weapon used in the Parkland and Sandy Hook school shootings.
In its revised restructuring plan, Remington hopes to eliminate $620 million in debt.
Finding financial backing has proven difficult, as the company admits lenders are “reluctant” to loan money to gun makers these days.
The company says its sales fell 30% last year.
The “significant decline” in sales, in part, is related to what’s being dubbed the “Trump Slump.”
Fearing a revival in gun control laws, firearms enthusiasts often stock up when a democrat is in the White House.