Gunmaker Remington Arms has filed for bankruptcy protection. Again.
For the second time in two years, Remington Arms is seeking protection from its creditors. The company has been hurt by multiple lawsuits and retail sale restrictions following the Sandy Hook school massacre in 2012.
In a Chapter 11 filing in U.S. Bankruptcy Court for the Northern District of Alabama, America's oldest gunmaker listed assets and liabilities of between $100 million and $500 million, and between 1,000 and 5,000 creditors.
In the most recent legal action, families of those killed in the Sandy Hook school shooting were granted access to the personal computer of the shooter. The families are looking for evidence of the shooter's exposure to advertisements for weapons. They say Remington violated the Connecticut Unfair Trade Practices Act by marketing its Bushmaster XM15-E2S assault weapon to civilians. The weapon was used to kill 20 children and six adult staff at the school.
Remington sought bankruptcy protection in 2018. However, it exited court protection the same year after creditors took over ownership of the new company.
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