Remington Arms Files for Bankruptcy
Remington Arms, one of America's oldest gun maker that employs close to a thousand workers in Ilion, has filed for Chapter 11 bankruptcy protection.
A deal was worked out in February, handing over control of the company to it's creditors, but was put on hold after the Parkland, Florida school shooting. The bankruptcy should be complete by the first part of May, according to Reuters.
The first part of 2017, Remington saw a $28 million loss after a 27% drop in sales, according to NBC.
Despite the decline in sales and bankruptcy filing, operations will continues and the company plans to continue paying employees, according to Market Watch. Workers in Ilion were reassured last month in a memo, according to WIBX.
"I know these times can be distracting. However, I ask you conduct 'business as usual' and continue to focus on your day-to-day role," said Anthony Acitelli, CEO of the Remington Outdoor Company. "It's our people demonstrating the two core principles of passion for precision and pride in craftsmanship that have made Remington an iconic brand for over 200 years."
Earlier this month the Ilion plant hired back over 50 employees who'd been laid off and was even hiring.
Remington Arms was founded in Ilion in 1816 and has become the largest producer of guns in the country.