This just in
Remington Outdoor Co., the nation's oldest gun manufacturer, said late Sunday that it had filed for bankruptcy protection, CNBC reports. The 202-year-old gun maker saw a sharp drop in sales after the 2016 presidential election, as customers interpreted President Trump's victory as a sign that gun sales would not be restricted so there was no need to stockpile firearms.
Remington's sales fell by more than 30 percent in 2017 to just over $600 million. The company announced the bankruptcy plans in February.
Remington's owner, private equity giant Cerberus, bought up gun companies a decade ago but said it would exit the industry after the 2012 Sandy Hook school massacre, in which one of its rifles was used, CBS News reports.