Remington filed for Chapter 11 bankruptcy protection in March amid slowing gun sales.
The 202-year-old company, which owns gun manufacturers including Bushmaster and Marlin, said its sales fell 30% last year to $600 million.
Remington isn’t the only gun company facing sales declines. The downward trend has been called the “Trump slump” because the president is seen as supportive of the gun industry.
But Remington had been facing backlash prior to Trump’s election.
Remington settled a class-action lawsuit in 2014 and agreed to replace the triggers on 7.5 million allegedly defective guns, free of charge. While Remington maintains that the guns are safe, the lawsuits linked the guns “to hundreds of serious injuries and at least two-dozen deaths,” CNBC reports.