Firearms manufacturer Remington Outdoor has filed for Chapter 11 bankruptcy protection in hopes of staving off creditors amid a slump in sales and public outcry over gun violence.
Reuters reports that Remington's creditors, including Franklin Templeton Investments and JPMorgan Asset Management, have agreed to exchange debt for equity in the company.
Remington was founded in 1816 in upstate New York and is one of the largest and oldest U.S. producers of firearms. It was bought in 2007 by Cerberus Capital Management for $118 million.