Gunmaker Remington re-seeks Chapter 11 bankruptcy protection

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Remington Arms, weighed down by lawsuits and retail restrictions following the Sandy Hook School massacre in 2012, is seeking bankruptcy protection for the second time in as many years.In a Chapter 11 filing in the U.S. Northern District of Alabama Bankruptcy Court this week, the nation’s oldest arms maker listed assets and liabilities of between $ 100 million and $ 500 million, and between $ 1 000 and 5000 creditors.

In the latest lawsuit this year against the Madison, North Carolina company, families of those killed in the Sandy Hook school shooting were given access to the shooter’s computer.

Families are looking for evidence of the shooter’s exposure to gun advertisements. They say Remington violated Connecticut’s Unfair Trade Practices Act by marketing his Bushmaster XM15-E2S, an AR-15 style weapon, to civilians.

The weapon was used to kill 20 children and six adult school staff.

Decreased sales of firearms

Remington filed for bankruptcy protection in 2018. He left court protection the same year, after creditors took over ownership of the new company.

Gun sales have plummeted, as they typically do under a Republican administration, as gun owners aren’t as forced to stockpile guns for fears Congress will create tougher control laws firearms.

But the last three years under President Donald Trump have been particularly volatile, fueled in part by a mass shooting in Las Vegas in 2017 and other high-profile massacres that have led retail chains to restrict sales or to withdraw weapons completely from stores.

Sales figures have started to change recently as most polls show alleged Democratic presidential candidate Joe Biden with a sizable lead as the US election approaches.

According to June figures released by the FBI, 3.9 million background checks were performed last month, the most since the system was created in November 1998. Background checks are the most reliable measure used to measure sales of firearms.

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