Trump's election partly responsible for legendary gunmaker's demise: Experts

The Remington gun manufacturing company said it will file for bankruptcy.

— -- For more than 200 years, Remington has been one of America's best known gunmakers, a wild west throwback whose durable products have been favored by sportsmen as well as the military.

"We will emerge from this process with a deleveraged balance sheet and ample liquidity, positioning Remington to compete more aggressively and to seize future growth opportunities," Anthony Acitelli, Remington's chief executive officer, said in a statement, adding that the "fundamentals of our core business remain strong."

"I think Remington's decline is, in part, a reflection of the 'Trump slump,'" Adam Winkler, a professor of law at UCLA and author of the book "Gunfight: The Battle over the Right to Bear Arms in America," told ABC News.

But Winkler said Remington's financial woes are also tied to a class-action lawsuit over defective parts in the company's most popular firearms, including its iconic Model 700 rifle. As part of a settlement approved in March 2017, Remington agreed to replace the triggers for free in more than 7.5 million guns.

"The long-term debt that they (Remington) was struggling with made the downturn in sales that much more worse for them," Winkler said.

In a statement released Monday, Remington said they have come up with a restructuring plan to reduce its debt by $700 million while injecting $145 million of new capital into its subsidiaries.

"I am confident this regrouping ensures that Remington will continue as both a strong company and an indelible part of our national heritage," Jim Geisler, executive director of Remington, said in the statement.