Body armor company Second Chance has filed for Chapter 11 bankruptcy protection and is currently undergoing restructuring.
As part of its restructuring process, company founders Richard C. Davis and Karen P. McCraney will resume active roles in the company’s management. Paul Banducci has stepped down as Second Chance’s president and CEO.
The company, which has been sued in the past year over issues regarding the effectiveness of some of its body armor line, will continue operations and maintain all product warranties.
“I am very optimistic that this restructuring move will allow us to focus on our core business and continue our 33-year-long mission of saving lives,” said Davis.