Gun maker Remington Arms has filed for Chapter 11 bankruptcy in Delaware court on Sunday, March 25, 2018.

Declining revenue is forcing America's oldest gun manufacturer to scramble to stay afloat. The 202-year-old Remington Arms Co. and its parent, Remington Outdoors, now majority-owned by Cerberus Capital Management, a private-equity group that intends to sell off the gun maker's assets once the bankruptcy process is complete. USA Today reports: Remington will continue to operate while it pursues Chapter 11 bankruptcy protection, an action that allows ailing companies time to come up with a reorganization plan to stay afloat, and to pay off company creditors.

Remington first announced that it would file for bankruptcy protection on Feb. 12, but the Parkland shooting two days later in which 17 people died may have delayed it.

-USA TODAY

 

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