The Bushmaster AR-15 rifle was used in the Sandy Hook shooting in CT in which 20 first-graders and six educators were killed in 2012.
Remington was acquired by private equity firm Cerberus Capital Management in 2007 for about $370 million, including debt.
The bankruptcy filing comes as the industry faces pressure over school shootings; thousands of students, educators and others participated in the March for Our Lives in Washington, D.C., and other cities over the weekend. "Families of the Sandy Hook victims sued Remington, saying the manufacturer of the military-style assault rifle used by the gunman bears some responsibility for the attack", Haag continues. "Under Cerberus, Remington's sales initially boomed as total gun sales in the United States grew".
The election of Trump-who pitches himself as a friend of gun owners-was actually bad for business. Bloomberg has cited a research study conducted by Harvard and Northeastern universities that concluded that about half the guns in America are owned by only 3% of the adult population, with an average of 17 firearms each.
Remington is planning to use the Chapter 11 bankruptcy to restructure its debt. More than a half of them own just one or two, whereas 14% of them - 7.7 million or 3% of the USA population - own anywhere between eight to 140 guns.
Remington is headquartered in Madison, North Carolina.
Remington, best known for its rifles and shotguns, was founded in 1816. Remington is seeking to confirm its bankruptcy plan by May 3.
BlackRock - a major shareholder in Sturm Ruger, American Outdoor Brands and Vista Outdoor Brands - announced about a week after the Parkland shooting that it wanted to speak with the three firearms makers about their responses to the tragedy.
China is about to shake up the oil futures market
Analysts have noted that the launch of the petro-yuan could shatter the petro-dollar's dominance of the crude oil market. Brent and WTI, in contrast, were down by that time, weighed down by concerns over a looming US trade dispute with China.