Remington files for bankruptcy amid 'Trump slump' in gun sales
- Remington Arms has filed for bankruptcy after a sharp sales decline under President Trump.
- Remington's sales fell 30% last year to $600 million.
- The company is one of the oldest gun manufacturers in the US.
- Remington said it would continue making guns during the bankruptcy proceedings.
Remington Arms has filed for Chapter 11 bankruptcy protection amid slowing gun sales.
The 202-year-old company, which owns gun manufacturers including Bushmaster and Marlin, said its sales fell 30% last year to $600 million.
Remington isn't the only gun company facing sales declines. The downward trend has been called the "Trump slump" because the president is seen as supportive of the gun industry.
But Remington had been facing backlash prior to Trump's election.
Remington settled a class-action lawsuit in 2014 and agreed to replace the triggers on 7.5 million allegedly defective guns, free of charge. While Remington maintains that the guns are safe, the lawsuits linked the guns "to hundreds of serious injuries and at least two-dozen deaths," CNBC reports.
The company also came under fire after a Remington rifle was among the weapons in the arsenal used in the Sandy Hook Elementary School shooting in 2012. Twenty-six people were killed in the shooting in Newtown, Connecticut.
Remington said it would continue making guns during the bankruptcy proceedings.