The US oldest gunmaker Remington filed for bankruptcy on Sunday, amid years of falling sales and lawsuits.
The firearms company, founded back in 1816, manufacturers the Bushmaster AR-15-style rifle used in the Sandy Hook shooting in 2012, which left 26 dead.
Remington had consequently been the subject of a number of lawsuits brought forward by the parents of Sandy Hook victims.
Whilst the gunmaker has been cleared of any wrongdoing, the group of parents continue to push forward for greater gun control legislation to ensure safer schools across the country.
Remington, which is owned by Cerberus Capital Management hedge fund, said it had racked up debts of between $100 million-$500 million (£70 million-£352 million).
It also estimated that its assets also fall within that range, prompting the move to file for bankruptcy protection.
Remington’s bankruptcy filing comes after a series of anti-gun rallies across the U.S over the weekend.
The backlash against guns in the U.S has intensified in recent months after a wave of mass shootings in the past year, and in the wake of the most recent school shooting in Parkland, Florida.
The March for Our Lives movement rally dominated headlines over the weekend, with famed faces such as Beatles legend Paul McCartney marching alongside protesting students in New York, Washington and other cities across the U.S.
Mr McCartney’s Beatles band member John Lennon was famously shot and murdered in 1980.
ICYMI: today we took to the streets of Washington, DC to demand that we end gun violence and mass shootings in our schools and communities. This is just the beginning https://t.co/f0sYVWeA51
— March For Our Lives (@AMarch4OurLives) March 24, 2018
Back in February, statistics revealed that since the start of 2018 there have already been 30 mass shootings in the United States.
The regulation of second amendment rights continues to be a contentious issue, dividing Americans.
In fact, the US continues to have the highest rate of gun ownership in the world, with 88 guns for every 100 people.
However, according to the Guardian, just 3 per cent of the population owns an average of 17 each.
There are approximately 7.7 million “super-owners” in possession of between eight and 140 guns each.