Firearms maker Remington Outdoor Co. sought bankruptcy protection Sunday, in the face of a heavy debt load, falling sales and lawsuits tied to Sandy Hook school shooting.

Remington filed for chapter 11 protection in the U.S. Bankruptcy Court in Wilmington, Del., with plans to hand over control of the company to its creditors — including Franklin Resources Inc. BEN, -5.27% and JPMorgan Chase & Co.’s JPM, -3.09% asset-management division — in exchange for wiping much of its debt from its balance sheet.