Remington, one of the nation's oldest gunmakers, has filed for bankruptcy.
The filing, first announced in the Wall Street Journal, will allow Remington to continue manufacturing firearms with operations "not disrupted by the restructuring process," the company said.
Remington is planning to reduce its debt by $700 million through its Chapter 11 filing in U.S. Bankruptcy Court in Wilmington, Delaware.
Founded in 1816, North Carolina-based Remington is owned by Cerberus Capital Management. As part of the bankruptcy proceedings, the company is expected to hand over control to its creditors, Franklin Resources Inc. and JPMorgan Chase & Co's asset-management division.
Remington currently is facing lawsuits stemming for the 2012 shooting at Sandy Hook Elementary. The Journal reported Remington planned to file for bankruptcy last month but delayed after the deadly Feb. 14 shootings at Marjory Stoneman Douglas High School in Parkland, Florida.
The company has faced declining revenues with sales plunging 27 percent in the first nine months of 2017.
In 2014, Remington opened a production facility in Huntsville. Officials there said they are confident the gunmaker will meet its obligations - including creating as many as 2,000 jobs - in the North Alabama area.
Remington received $68.9 million in incentives from the state of Alabama and local governments.