Remington Arms Files For Bankruptcy

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.

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