One of the largest U.S. makers of firearms made in Upstate New York has filed for bankruptcy, according to a report from Reuters.
Remington Outdoor Company Inc., of Ilion, has reached out to banks and other agencies to seek financing to file for bankruptcy, according to Reuters.
The company is working with an investment bank to restructure its $950 million in debt.
Remington has not officially filed for bankruptcy yet.
There have been no immediate plans to shut down, Reuters says.
Congresswoman Claudia Tenney, who represents Herkimer County, issued the following statement:
“Remington Arms is an iconic business in our region that has employed generations of families for over two hundred years. Remington is one of our nation’s longest continuously operating manufacturing facilities. Unfortunately, economic downturns in the firearms industry and outstanding debt have forced Remington’s parent company to seek new credit options and financing through bankruptcy protection. In addition to volatility, Governor Cuomo’s anti-Second Amendment policies have negatively impacted Remington’s Ilion production facility. I have been a strong supporter of Remington Arms and its hardworking employees. My office will continue to offer support to Remington and the families impacted during this difficult time.”