FILE PHOTO: Gun enthusiasts inspect Remington shotguns during the National Rifle Association (NRA) annual convention in Dallas, Texas, USA, May 5, 2018. REUTERS / Lucas Jackson
(Reuters) – Remington Arms Co filed for Chapter 11 bankruptcy protection on Monday for the second time in two years as the U.S. arms maker faced financial problems in part because some retailers imposed restrictions on gun sales after the school shootings .
The gun maker filed for Chapter 11 bankruptcy protection in the United States bankruptcy court for the Northern District of Alabama, according to the court filing.
At the presentation, the company listed its assets and liabilities in the range of $ 100 million to $ 500 million.
The arms maker filed for bankruptcy earlier in 2018 after sales failed and the company struggled to meet the requirements of its lenders. He was released from bankruptcy protection the same year under the ownership of his creditors.
American retailers have imposed restrictions on arms sales after the school shootings, hurting manufacturers like Remington. A Remington Bushmaster rifle was used in the 2012 Sandy Hook Elementary School shooting in Connecticut that killed 20 children and six adults, making it the center of gun policy debate.
Remington has been trying to dismiss a lawsuit filed by the families of victims related to the marketing of the company’s weapons. He is scheduled to be tried next year.
Reporting by Jessica DiNapoli in New York and Sabahatjahan contractor in Bangalore, Edited by Sherry Jacob-Phillips
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