According to The Wall Street Journal, firearms manufacturer Remington Outdoor filed for Chapter 11 over the weekend, an anticipated move after it announced its plans to do so in February.
The Journal added that, as part of the company’s restructuring, Cerberus Capital Management will end its investment in the business and turn management of the company over to its creditors, which include JPMorgan Chase.
The bankruptcy comes amindst falling sales and an on-going lawsuit brought against Remington by families affected by the 2012 Sandy Hook shooting, the Journal said.
Follow the story:
Remington Delays Bankruptcy, Ankura Trust Becomes Agent for Lenders
Remington Creditors Looking to Sell After Bankruptcy
BofA Supports Remington Restructuring
