For more than 200 years, Remington has been one of America's best known gunmakers, a wild west throwback whose durable products have been favored by sportsmen as well as the military.
The North Carolina-based company announced it intends to file for Chapter 11 bankruptcy protection due to massive debt.
The election of President Donald Trump, has dramatically reduced the demand of guns and have hurt the bottom line of manufacturers like the Remington Outdoor Company.
Gun sales spiked during the 2016 presidential campaign because buyers feared Hillary Clinton would win and continue to strengthen gun regulations put in place by the Obama administration.
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