The oldest gunmaker in the U.S., Remington Arms Co., filed for Chapter 11 bankruptcy protection for the second time in two years after seeing sales lag due to gun restrictions enacted as a result of school shootings, Reuters reported Tuesday.

Remington listed $100 million in assets $500 million in liabilities in its filing. The 200-year-old company said it will continue its search for a buyer.

Remington previously had a potential buyer lined up, but the deal fell through after delays. It also reportedly was in talks with the Navajo Nation over a possible buy, but those discussions also fell through, Bloomberg said.

Remington reported $437.5 million in sales in 2019, nearly half of the 2016 leven, according to the court documents it filed in Decatur, Alabama, bankruptcy court.

Remington first filed for bankruptcy in 2018 after its sales declined and failure to meet lender requirements, Reuters said. The company emerged from bankruptcy later that year, under the ownership of its creditors.

With the increase in school shootings such as Sandy Hook, where 20 children and six adults were killed, Remington has seen lackluster sales as stricter sales guidelines were imposed. Dick’s Sporting Goods eliminated guns from its stores, and Walmart increased the age requirement to purchase ammunition and guns from the retailer.

Remington is also involved in a lawsuit with the families of the Sandy Hook school shooting victims over the marketing of its guns. The lawsuit is slated to go to trial next year.

Remington
Attendees look at a display of Remington shotguns during the NRA Annual Meeting & Exhibits at the Kay Bailey Hutchison Convention Center on May 5, 2018 in Dallas, Texas. The National Rifle Association's annual meeting and exhibit runs through Sunday. Getty Images/Justin Sullivan
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