For the second time since 2018, 204-year-old gun manufacturer Remington has filed for bankruptcy. On Monday, the company filed for Chapter 11 protection in an Alabama federal court. According to court documents, the gunmaker has between 1,000 and 5,000 creditors, listing assets and liabilities between $100 and $500 million.
This comes at a time when gun sales have spiked due to uncertainty around the ongoing COVID-19 pandemic and a slowing economy. In June, the FBI conducted a record 3.9 million firearm background checks, besting the 3.7 million record set in March.
Remington’s financial issues began before the uptick in sales. Recently, they have failed to find a buyer. A recent deal for the Navajo Nation to potentially acquire the company collapsed right before the bankruptcy filing, according to the Wall Street Journal.