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The bankruptcy filing allows Remington to stay in business while restructuring its massive debt. The company has been planning to reduce its debt by 0 million through the Chapter 11 process and contribute 5 million to its subsidiaries.Remington plans to keep on making guns. The company said, when it first announced its plan to file for bankruptcy in February, that operations "will not be disrupted by the restructuring process."Founded in 1816, Remington is one of the oldest and best-known gun makers in the world. It's owned by Cerberus Capital Management, which plans to shed ownership once the bankruptcy is complete.Remington is headquartered in North Carolina. It makes a variety of handguns, shotguns and rifles at its sprawling 19th-century factory in Ilion, N.Y.Its products include the Bushmaster AR-15-style rifle that was used in the 2012 mass shooting in Newtown, Connecticut. The company has been sued by family members of the Sandy Hook victims.An attorney from the law firm representing those family members said it does not expect the bankruptcy filing to affect its clients' case "in any material way."The company also settled a class action lawsuit a few years ago regarding allegations of defective rifles.The gun industry as a whole has suffered plunging sales and profits under the Trump administration, because consumers are no longer driven by fears of more restrictive gun control with a Republican in the White House who's been endorsed by the National Rifle AssociationAmerican Outdoor Brands, which owns the brand Smith & Wesson, reported dismal earnings earlier this month as did Sturm Ruger in February, and they've laid off hundreds of workers.  1702

Taylor Swift was once the sweetheart of Nashville and a frequent attendee of the CMA Awards.She racked up 11 wins and 26 nominations before crossing over to becoming a global pop star. Since that time she has moved away from her country roots. In fact, she has not seen a CMA nominee since 2014 when she was nominated for Female Vocalist of the Year. She is back on the CMA ballot this year not as a performer but as a songwriter. She wrote Little Big Town's chart-climber "Better Man", which is up for Single of the Year, Song of the Year and featured on a nomination for Album of the Year.Little Big Town is also nominated for Vocal Group of the Year. The Song of the Year nomination is what has Music Row talking about whether they will see Swift at this year's award show. That particular award is given to the writer of the song, not the performer.That means if the song is a winner tonight at Bridgestone Arena it would make sense to see Swift on stage to accept the award.Her last appearance at the show was just a year ago for the 50th anniversary when she presented Garth Brooks with the award for Entertainer of the Year.?Swift is in the middle of a busy week. In the past 24 hours she released the full track list for her upcoming album and also shared videos from a private listening party she had for lucky listeners at home.Swift's new album, "Reputation" drops Friday.To find out if she will make an appearance at the 51st Annual CMA Awards, tune in tonight at 7p.m. (CT) on ABC.  1518

TENINO, Wash. – George Washington’s face may be on U.S. currency, but never on money quite like this.“We've created our own,” said Wayne Fournier, mayor of Tenino, Washington.It’s a town of about 2,000 people, halfway between Seattle and Portland. Using a printing press from the 19th century, Tenino is now printing its own form of currency, made of thin pieces of wood.“We're growing money on trees here,” Mayor Fournier said. “Literally.”It’s called “complimentary currency” or “scrip.” Here’s how it works: using ,000 from the general fund, the city is backing the wooden notes, 400 of them in all, and giving them to town residents in need.“We issue it out to people that have been affected by the pandemic and qualify financially,” Mayor Fournier said. “They can receive up to 0 a month.”In turn, people can spend the wooden money, but only in town, at businesses that signed up to participate in the program. Those businesses can then redeem the wooden money back at City Hall for real U.S. dollars.“I thought it was a really good idea,” said Juan Martinez, of Don Juan’s Mexican Kitchen in Tenino.The restaurant has been around for eight years, but the pandemic affected its bottom line and that of people in town, too. So far, though, the wooden money is getting around.“I've had quite a few people come in and, you know, they hadn't gone out to dinner in a while because they were laid off of work,” Martinez said, “and when they got it, had a few people come in and enjoy lunch with their families and were able to pay with the wooden money.”It’s a currency circulation that the mayor wants to keep going.“The whole idea is just to keep money bouncing around the community,” he said.The town has done this before, back in the 1930s, during the Great Depression.“It was a big hit and it saved the city at the time,” Mayor Fournier said.It’s an old lifeline they hope will keep working again in a new era.City leaders say they have been fielding calls from as far away as Spain, New Zealand and Japan from people interested in their wooden money. They say, so far, the U.S. Treasury Department has not contacted them about their wooden money program. 2177

Stitch by stitch, Juanita Martinez is creating a better future for her family and her community.“As a woman and a Hispanic, I think that I’m really proud of what we’ve done,” she said.Martinez is a co-owner of Three Amigos Graphics, a mother daughter-run business in Houston, Texas, with the third amigo being their neighborhood.“They love us,” Martinez said of her community. “I don’t know how else to put it. They take care of us and they make sure that we’re okay and that’s part of the community that we’re in.”Martinez runs one of more than 600,000 thousand Hispanic-owned businesses in the United States. According to the Houston Hispanic Chamber of Commerce, those businesses account for almost trillion in annual economic spending in areas ranging from, what experts describe as, the barrio to the boardroom.“That community has continued to mature in terms of their education and their buying power, so the number trillion doesn’t surprise me,” said Randy Velarde, president of The Plaza Group, an international petrochemical marketing group.While Hispanics continue to add and impact the nation’s economy, Velarde is promoting quality over quantity.“I’m hopeful and encouraged by our ability to be more influential in other parts of society,” he said.In 2019, the number of Hispanics reached 60.6 million, making up 18% of the U.S. population, according to the Houston Hispanic Chamber of Commerce.“As go Hispanics goes Houston and in this case as go Hispanics so goes the United States,” said Dr. Laura Murillo, president the Houston Hispanic Chamber of Commerce. She says Hispanics account for roughly a quarter of the U.S. gross domestic product and she hopes corporate America starts taking better notice.“Latinos have made many strides,” Murillo said. “We should continue to aspire to be in high places but never forget that many of us came from Navigation.”Back on Navigation Blvd., Three Amigos Graphics continues working to better their local economy and their community.“It’s nice to have money but we’re not in it to be rich,” Martinez said. “We want to make sure when I do good my neighborhood is doing well.” 2140

Stocks fell sharply Monday, dragged down by reports of trouble at Apple and Facebook.The Dow closed down 396 points and the Nasdaq tumbled 3%.Facebook stock fell nearly 6% as the company continues to deal with the fallout from a New York Times article that detailed Facebook's reaction to political scrutiny and its Cambridge Analytica scandal. CEO Mark Zuckerberg has reportedly adopted a more aggressive, "war"-like style, according to the Wall Street Journal.Alphabet was also down 4%. It is now down 20% from its peak in July, placing it in bear market territory.Early in the day, stocks fell on news that Apple's newest line of phones may not be selling as well as Apple or its investors had hoped.Apple's stock fell once more after the Wall Street Journal reported that Apple has cut orders for its iPhone XR, iPhone XS and iPhone XS Max.The new iPhones, which Apple unveiled in September, cost more than previous versions. The 9 iPhone XR is the least expensive new iPhone, but it costs more than last year's cheapest model, the iPhone 8.The iPhone XS Max can cost up to ,449. The higher prices -- without many more features -- could be driving customers to keep their current phones longer or buy last year's models.Apple declined to comment about the Journal story or broader concerns about iPhone demand.Shares of Apple fell 5% and have now plunged about 20% from the all-time high it hit a few months ago, when Apple (AAPL) was worth more than trillion.The stock ended a 5-day losing skid on Friday after an analyst at Morgan Stanley suggested that the supplier concerns are overdone.Apple, which is a member of the Dow, was hurting the blue chips too.Several makers of chips and other components used in iPhones have warned of soft sales and profit in recent weeks, citing sluggish demand for higher-end smartphones.To that end, shares of Apple suppliers, such as Qorvo (QRVO), Broadcom (AVGO), Cirrus Logic (CRUS) and even Apple's key Anrdoid phone rival Samsung were all lower Monday too. Samsung also makes chips for iPhones.Investors have other reasons to be concerned about the future of Apple -— as well as other big tech companies for that matter.Apple CEO Tim Cook said on the "Axios on HBO" show Sunday that he expects Washington to crack down on tech firms in the wake of high-profile privacy scandals, such as the Cambridge Analytica problems that have plagued Facebook (FB)."I am not a big fan of regulation," Cook said to Axios on HBO. "I'm a big believer in the free market. But we have to admit when the free market is not working. And it hasn't worked here. I think it's inevitable that there will be some level of regulation."HBO, like CNN, is part of WarnerMedia, which is owned by AT&T (T). 2745