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Remington Arms files for bankruptcy

A Remington rifle and handgun on display at Chuck's Firearms in Atlanta Feb. 13, 2019. The iconic gun brand filed for bankruptcy Monday for the second time since 2018. Photo by Erik Lesser/EPA-EFE
A Remington rifle and handgun on display at Chuck's Firearms in Atlanta Feb. 13, 2019. The iconic gun brand filed for bankruptcy Monday for the second time since 2018. Photo by Erik Lesser/EPA-EFE

July 28 (UPI) -- Remington Arms, the country's oldest gun company, which is facing a lawsuit from Sandy Hook victims' families, filed for bankruptcy protection in Alabama Monday.

It marks the second time the company has filed for Chapter 11 bankruptcy protection in 28 months. Remington filed for bankruptcy in March 2018.

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Since that time, the U.S. Supreme Court declined to intervene in a lawsuit against Remington brought by families of victims of the 2012 mass shooting at Sandy Hook Elementary School. The shooting killed 20 children and six adults.

The Wall Street Journal reported last week that talks about selling the company to the Navajo Nation broke down, leaving Remington with limited options.

JPMorgan Chase and Franklin Advisors gained ownership of Remington after the 2018 bankruptcy while seven banks, including Bank of American, gave the company $193 million in loans. The private equity firm Cerberus Capital Management owned it before that.

Sandy Hook families first sue Remington in 2015 and the gunmaker has been fighting to keep it from going to court ever since. The families argue Remington had marketed the AR-15-style assault rifle in a way that inspired Adam Lanza in his plot to attack the school.

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Courts have rejected to this point Remington's argument that it cannot be sued as a gun manufacturer for crimes committed by those using its weapons.

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