WASHINGTON, D.C. — America’s oldest gun manufacturer filed for Chapter 11 bankruptcy protection, according to court papers filed in Delaware federal court late Sunday.

The move by Remington Arms Co. and its parent, Remington Outdoors, comes amid slumping sales at the firm founded more than 200 years ago.

It also follows student-led rallies across the United States calling for stricter gun laws after the mass shooting Feb. 14 at Marjory Stoneman Douglas High School in Parkland, Fla.. Hundreds of thousands of people participated in “March for our lives” events on Saturday. About 800,000 protesters took part in Washington, D.C.

Source: IndyStar