Ilion — Today it was reported that America’s oldest gun maker, Remington, would be filing for Chapter 11 bankruptcy soon. The company has been in trouble for some years, and was purchased by Cerberus Capital Management, L.P. in 2007. Cerberus Capital Management, acquired Remington Arms for $370 million, including $252 million in assumed debt.
In 2012, lawsuits from the survivors and families of those who died in mass shootings at the hands of Remington manufactured guns had prompted Cerberus to publicly state they would be selling the gun manufacturer. Remington laid off 177 people last year as gun sales slumped, but have not yet made it clear if there will be more. Remington is reported to be seeking debtor-in-possession financing that will allow it to fund its operations once it files for bankruptcy, meaning the jobs Remington has here in the Mohawk Valley may not yet be in trouble.