Remington and other gun-makers have suffered from slumping sales in the past year.
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Remington Outdoor Co. Inc., one of the largest U.S. makers of firearms, filed for bankruptcy protection to carry out a debt-cutting deal with creditors amid mounting public pressure for greater gun control.Remington, America's oldest gun-maker, announced the deal in February to reduce its $950 million debt load in a deal that will transfer control of the company to creditors.Cerberus Capital Management LP, the private equity firm that controls Remington, will lose ownership in the bankruptcy.After a Remington Bushmaster rifle was used in the Sandy Hook elementary school shooting in Connecticut in 2012 that killed 20 children and six adults, Cerberus tried unsuccessfully to sell Remington, then known as Freedom Group.
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