Firearms maker Remington Outdoor Co. sought bankruptcy protection Sunday, in the face of a heavy debt load, falling sales and lawsuits tied to the Sandy Hook school shooting.
Remington filed for chapter 11 protection in the U.S. Bankruptcy Court in Wilmington, Del., with plans to hand over control of the company to its creditors—including Franklin Resources Inc. and JPMorgan Chase & Co.’s asset-management division—in exchange for wiping much of its debt from its balance sheet.
The chapter 11 filing, announced last month, was delayed after a Feb. 14 school shooting in Parkland, Fla., that left 17 dead and reawakened the national debate surrounding gun regulations, people familiar with the matter told The Wall Street Journal.
Founded in 1816, Remington is one of America’s oldest and largest gun and ammunition manufacturers. The Madison, N.C., company plans to continue operations and paying its vendors and employees while under bankruptcy protection...
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