The oldest gun manufacturer in the US, Remington Outdoor, has filed for bankruptcy in the wake of slumping sales.
The firm, founded more than 200 years ago, filed for bankruptcy protection to cut a deal with its creditors.
Remington’s chief financial officer said the company’s sales dropped significantly in the year before its bankruptcy, court papers show.
The filing comes amid fresh demands for greater gun control in the US.
A shooting at a Florida high school in February has revived the debate on gun control, and on Saturday hundreds of thousands of protesters took to the streets of US cities.
- Six key March For Our Lives moments
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Some US retailers have raised the age limit for certain firearms purchases to 21 or stopped stocking semi-automatic weapons.
The FBI processed a record number of background checks on gun purchases during the election year in 2016, but the rate of background checks plunged following Mr Trump’s election.
Analysts say more Americans were buying guns two years ago because they feared a possible Hillary Clinton presidency could usher in gun control policies.
It is thought that gun sales slowed after Mr Trump took office because firearms enthusiasts generally do not fear a Republican president will try to deprive them of their constitutional right to bear arms.
Remington, best known for its rifles and shotguns, was founded in 1816.
After it emerged a Remington rifle was used in the 2012 Sandy Hook elementary school shooting, victims’ family members filed a lawsuit against the gunmaker.
In court papers filed in Delaware, Remington’s chief financial officer, Stephen Jackson, said the company was having difficulty meeting requirements from its lenders as a result of declining sales.
During the bankruptcy process, the company will stay in business.
In most US Chapter 11 bankruptcy processes, the debtor proposes a reorganisation plan to maintain its business and pay creditors over a period of time.
It was the biggest gun control protest in a generation. Hundreds of rallies were staged across the US and beyond as marchers filled the streets calling for the implementation of tighter measures following the deadly mass shooting at a Florida school in February.
That incident not only ignited the #NeverAgain movement, but also Saturday’s mass demonstrations, which took place under the banner of March For Our Lives and were led by a rally in Washington DC attended by some 200,000 demonstrators, according to CBS News.
With events not just in the US but as far afield as London, Paris, Mauritius, Tokyo, Stockholm, Sydney, Geneva and Berlin, the day was made up of powerful messages delivered by articulate students and children, most of whom have already in some way experienced gun violence.
- In pictures: Marches across the US and worldwide
Here are six key moments from some of the biggest US rallies since the Vietnam War era.
1. Survivor shows the power of silence
One of the most emotionally charged moments came when Emma Gonzalez, one of the student survivors of the mass shooting at the Marjory Stoneman Douglas High School in Florida, took to the podium in Washington DC.
Others present at the march in DC included the actor George Clooney, media mogul Oprah Winfrey, director Steven Spielberg, author Stephen King, TV host Ellen DeGeneres, late-night show host Jimmy Fallon and singer Cher.
Skip Twitter post by @TheEllenShow
Watching everyone marching and speaking up is so inspiring, and so powerful. Keep going. You're changing the world. #MarchForOurLives
— Ellen DeGeneres (@TheEllenShow) March 24, 2018
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6. Signs that grabbed attention
Signs carried by protesters included strong messages criticising lawmakers who oppose tougher laws, with many also attacking the National Rifle Association (NRA), the powerful US gun lobby.
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— Liz Plank (@feministabulous) March 24, 2018
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Others included powerful statements that highlighted the need for a rethink on current gun control laws and the sort of devastation that certain types of automatic weapons can inflict.
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#MarchForOurLives Philly One of many signs here. pic.twitter.com/5V9v60KY32
— Robert Rosenthal (@PCC_Car) March 24, 2018
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There were also signs that carried humour and impact in equal measure.