Remington Files for Chapter 11 Bankruptcy in February 2018

When big companies file for bankruptcy, people often wonder why once-successful corporations choose this method of debt reconciliation and financial protection. In the case of Remington filing for Chapter 11, the reason boils down to difficult industry conditions causing the company’s sales to slump over the past decade.
While filing for bankruptcy is never an easy decision, it sometimes becomes essential in order for a company to remain in business and attempt to turn around its financial misfortune. Rebuilding after filing bankruptcy, though, requires a concrete plan of action — known in the case of Chapter 11 as a plan of reorganization — and a successful revenue model for the future, a way to pay back debts and start making profits again.