Madison, North Carolina - A company founded in Illion, New York in 1816 is going bankrupt.
Remington Arms has filed for Chapter 11 bankruptcy. The company, which is now headquartered in North Carolina, filed in a Delaware courtroom Sunday.
It is part of a debt-cutting deal with creditors amid mounting pressure for more gun-control in Washington. It is similar to a move made by competitor Colt's Manufacturing Company in 2016.
Remington saw it's profits plunge 27-percent in the first nine months of 2017. It resulted in an operating loss of $28 million. Remington listed it's assets both its assets and liabilities in the range of $500 million to $1 billion.