GUNMAKER REMINGTON TO FILE FOR BANKRUPTCY Sales reportedly fell after Sandy Hook massacre

U.S. firearm manufacturer, Remington Outdoor Company, said it will file for Chapter 11 bankruptcy protection, but stay in business throughout the process.

“Difficult industry conditions make today’s agreement prudent,” said Jim Geisler, Remington’s executive chairman, in a statement released by the company on Monday.

The company has been dogged by falling sales after one of its rifles was used in the Sandy Hook Elementary School massacre of 2012.

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