Saturday, February 24News That Matters

Gunmaker Remington says it will file for bankruptcy

From our friends at CNN Money:

Gunmaker Remington says it will file for bankruptcy History of the modern assault-style rifle History of the modern assault-style rifle

Remington, one of the oldest and most well-known gun companies in the world, plans to file for Chapter 11 bankruptcy protection.

The plan would allow Remington Outdoor Company to stay in business while restructuring its debt. The plan allows for Remington to reduce its debt by $700 million and contributes $145 million of new capital into its subsidiaries, according to the company.

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