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Gunmaker Remington to file for bankruptcy

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U.S. gunmaker Remington Outdoor Co. announced it will file for Chapter 11 bankruptcy.

"Difficult industry conditions make today's agreement prudent," said Jim Geisler, Remington's executive chairman, in a statement released by the company on Monday.

Through the restructuring, Remington wants to cut its debt by $700 million and put $145 million in new capital into its business units.

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