Remington, maker of the rifle used at Sandy Hook, just filed for bankruptcy

Remington, the oldest gunmaker in the U.S., filed for bankruptcy Monday, a move that could delay progress of a lawsuit against the manufacturer brought by the families of the Sandy Hook school shooting.

The company, which cites slumping gun sales for its decision, will be allowed to continue to make and sell firearms, but the bankruptcy allows for an immediate stay on any lawsuits against the business.

Founded more than 200 years ago, Remington makes the Bushmaster AR-15-style rifle that was used in the 2012 Connecticut school massacre that left 20 first-graders and six educators dead.

The families of Sandy Hook victims are seeking to hold Remington accountable, and in November presented oral arguments in the Connecticut Supreme Court, claiming that the company knowingly marketed and sold the AR-15 to a vulnerable group of young men.

In court papers filed in Delaware Monday, Remington's chief financial officer, Stephen Jackson, said the company was having difficulty meeting requirements from its lenders as a result of declining sales.

Remington’s court filing comes amid renewed calls for greater gun control across the U.S. following the Feb. 14 shooting at Marjory Stoneman Douglas High School that killed 17.

More than 200,000 people Saturday took part in the March for Our Lives protest in Washington, with more than 800 sibling events drawing millions more across the U.S. and the world.

Remington said it would look to wrap up the bankruptcy process by the start of May.

That would mean that any stay on legal proceedings would be lifted and court dates would continue.

Katie-Mesner Hage, an attorney representing Sandy Hook families, told Reuters that she did not expect the gunmaker’s bankruptcy would affect their case.

Cover image: In this Jan. 28, 2013, file photo, firearms training unit Detective Barbara J. Mattson, of the Connecticut State Police, holds up a Bushmaster AR-15 rifle, the same make and model of gun used by Adam Lanza in the Sandy Hook School shooting, for a demonstration during a hearing of a legislative subcommittee reviewing gun laws, at the Legislative Office Building in Hartford, Conn. (AP Photo/Jessica Hill, File)