Remington Outdoor Co., one of America’s oldest gunmakers, has filed for Chapter 11 bankruptcy protection. CNN Money reports the company announced it was planning to file for bankruptcy in February, and has now officially begun the process of restructuring its debt. Remington, which will remain in business during the bankruptcy, plans on reducing its debt by $700 million and contributing “$145 million to its subsidiaries.” Its current owner, Cerberus Capital Management, will give up ownership of the company once the bankruptcy process is over. Remington makes the Bushmaster AR-15-style rifle that was used in the 2012 Sandy Hook shooting. Family members of the 26 Sandy Hook victims sued the company in the wake of the massacre. This comes as the parent company of Smith & Wesson reported low earnings in March, and Sturm Ruger’s gun sales fell 27 percent at the end of 2017.