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.

Remington's reputation also took a hit when loved ones of those killed in the 2012 Sandy Hook, Connecticut, school massacre, filed a class action suit charging the company's marketing of its Bushmaster AR-15 assault rifle, the firearm used by the killer, was responsible for the shooting. A judge threw out the suit in October 2016, ruling the company had immunity under a law passed in 2005, but the Connecticut Supreme Court is considering an appeal by the families.