Remington Outdoor Brands has filed for bankruptcy.
The bankruptcy filing allows Remington to stay in business while restructuring its massive debt. The company has been planning to reduce its debt by $700 million through the Chapter 11 process and contribute $145 million to its subsidiaries.
Remington plans to keep on making guns. The company said, when it first announced its plan to file for bankruptcy in February, that operations "will not be disrupted by the restructuring process."
Founded in 1816, Remington is one of the oldest and best-known gun makers in the world. It's owned by Cerberus Capital Management, which plans to shed ownership once the bankruptcy is complete.
Remington is headquartered in North Carolina. It makes a variety of handguns, shotguns and rifles at its sprawling 19th-century factory in Ilion, N.Y.
Its products include the Bushmaster AR-15-style rifle that was used in the 2012 mass shooting in Newtown, Connecticut. The company has been sued by family members of the Sandy Hook victims.
An attorney from the law firm representing those family members said it does not expect the bankruptcy filing to affect its clients' case "in any material way."
The company also settled a class action lawsuit a few years ago regarding allegations of defective rifles.
The gun industry as a whole has suffered plunging sales and profits under the Trump administration, because consumers are no longer driven by fears of more restrictive gun control with a Republican in the White House who's been endorsed by the National Rifle Association
American Outdoor Brands, which owns the brand Smith & Wesson, reported dismal earnings earlier this month as did Sturm Ruger in February, and they've laid off hundreds of workers.
The NRA likely isn't too happy about Remington's current status. However, what might be more upsetting now is that the rapper in an interview used to attack the March for our Lives rallies is now calling out the organization.
Killer Mike posted two videos Sunday apologizing for a video interview he did with the National Rifle Association.
The rapper, who was born Michael Render, had faced backlash after NRA TV shared the piece on the same day the March For Our Lives rallies were held across the country.
In a way, he said the organization jumped the gun.
"I sat with the group called the National Rifle Association. I did an interview about black gun ownership in this era. That interview was used a week later by NRA TV to disparage a very noble campaign that I actually support," he said.
Well known for his political and social activism, the rapper has frequently spoken out on various topics including police brutality.
In the NRA video, he criticized National School Walkout Day -- in which students left classes to pay tribute to the 17 people killed at Florida's Marjory Stoneman Douglas High School a month earlier and to demand stricter gun control laws.
Killer Mike said in the video he posted on social media Sunday that he supports the youth-driven gun control movement.
"I'm sorry that an interview I did about a minority, black people in this country, and gun rights was used as a weapon against you guys," he said. "That was unfair to you and it was wrong, and it disparaged some very noble work you're doing."
The rapper said in the NRA video that he has worked with groups from both sides of the gun control issue and "tries to see a problem from the whole perspective."
"I told my kids on the school walkout, 'I love you, [but] if you walk out that school, walk out my house,'" he said.
"We are a gun-owning family, we are a family that my sister farms, we are a family where we'll fish and hunt, but we are not a family that jumps on every single thing that an ally of ours does because some stuff we just don't agree with."
The video immediately drew criticism on social media.
In his follow-up apology Killer Mike encouraged the student activists to continue their work and said he was sorry his video had been used to disparage the march.
"My interview with said organization who we all don't agree with was supposed to be something that continued the conversation and that conversation is about African-American gun ownership," he said. "I do support the march and I support black people owning guns. It's possible to do both."