Remington, one of the best known makers of firearms in the United States, has reached a deal with its creditors to file for Chapter 11 bankruptcy.
The deal follows declining sales from the gunmaker - due in part to lessened fears that gun restrictions in the United States will get tighter at any point in the near future, the Daily Mail reports.
The Trump administration is a major supporter of the Second Amendment, and other gun companies such as American Outdoor Brands and Sturm Ruger have both reported having lost money since Trump's election.
Remington will get $145 million to keep the company running through the bankruptcy process.
The bankruptcy filing is taking place in the state of Delaware, and Remington will seek to write off nearly $700 million in debt.