Firearm manufacturers have been report declining sales and profits for the past several years.The big news is that one of America's oldest gun manufacturers, Remington, famous for its rifles and shotguns, declared Chapter 11 bankruptcy on Sunday. The gun maker is buried under a reported $1 billion in debt, and hopes to reduce its burden by $700 million through the court supervised reorganization process. The company, founded in 1816, said it plans to continue making firearms. Remington produces the "Bushmaster" an AR-15 style assault rife which was used in the Sandy Hook, CT school massacre. The company is being sued by survivors for deliberately marketing a military weapon to civilians. The Chapter 11 filing gives the company added bargaining power with plaintiffs, as their suits will probably not go forward pending reorganization. In June 2015, arms manufacturer Colt filed for bankruptcy protection. Six months later, in January 2016, it emerged from Chapter 11 with a new government contract to produce M4 and M4A1 rifles for the military and a focus on expanding business and selling more guns than ever. Remington Arms hopes to follow the same course.