Sources: Firearm company Remington to declare bankruptcy

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MADISON, NC (KNOE 8 News) - According to the British news outlet Reuters, the firearm company Remington is in the process of filing for bankruptcy.

Reuters reported the company is working with an investment bank to restructure more than $950 million worth of debt.

The company itself has not confirmed, or talked about the impending bankruptcy.

Remington's sales dropped 27 percent in the first nine months of 2017, resulting in a $28 million operating loss.