After 202 years in business, America's oldest gun manufacturer, Remington, has filed for Chapter 11 bankruptcy protection.
The filing by Remington Arms Company and its parent, Remington Outdoors, was disclosed late Sunday night on the website of the United States Bankruptcy Court in Delaware. Details of the filing were not immediately available, but in a note to investors on Friday, the company reported negative operating cash flow as of March 25 of $7.4 million.
Remington Outdoors, which also owns gun manufacturers including Marlin and Bushmaster, says sales in 2017 were just over $600 million, down more than 30 percent from 2016.
Like other gun manufacturers, Remington saw sharp sales declines following the 2016 presidential election, as customers apparently saw less urgency to stockpile firearms under President Donald Trump.
Adding to Remington's problems are heavy debt, as well as product liability concerns involving its signature product, the Model 700 bolt-action rifle, which CNBC first investigated in 2010.