Remington Prepares for bankruptcy again.

[RyanT26]

Remington Arms preparing to file for bankruptcy protection - WSJ

Remington Arms Co, America's oldest gun maker, is preparing to file for Chapter 11 bankruptcy protection and is in advanced talks for a potential sale to the Navajo Nation, the Wall Street Journal reported on Friday.

www.reuters.com

Remington has really turned into a sad state of affairs. I can remember growing up thinking how great their 700 rifles, 870s, 1100, and even a stepchild 1187’s were.
If the Navajo nation ends up buying them it’ll be interesting to see what path they take Remington down.

 

[OldGrayJB]

A sad state indeed. I bought my 700 when I was 18. As a high school senior, my Mama offered to buy me a class ring. I said, how about giving me the amount you spent on my older brothers ring and I'll buy something useful. I took that money and some of my savings and picked up a .300 mag. Most people don't use their class rings after high school but I proudly carry mine every fall.

I know quality has been up and down over the years, but I hope someone keeps the business going. Has the Navajo nation ever been in the gun business?

 

[thinhorn_AK]

I grew up on Remington rifles, still have a few but they are from before Remington took a dive.

its too bad though, seemed like Remington was starting to get back to normal based on a few of their rifles I’ve seen recently.

 

[Stalker69]

They have been on a downhill slide for years now, surprised they lasted this long. Weird how a company that was great could turn into such junk. If they would have kept their quality and just down sized I would understand. But don’t understand there thinking, same as Cabela’s, had a good thing going and ran it into the ground.

 

[hodgeman]

Remington has been on the financial ropes for a long while now. Cerebus Capital bought them at fire sale prices in 2007, loaded them with debt, took the money and let them drown.

Remington's failures are in the boardroom, not the factory... mainly by people with little interest in gunmaking.

https://www.nytimes.com/interactive/2019/05/01/magazine/remington-guns-jobs-huntsville.html

 

[N2TRKYS]

I’ve never had any problems with any of my Remingtons. I hope they get the financials worked out.

 

[AgentVenom]

Sad

 

[cuerro viejo]

Would this effect any of the liability suits since it will be a tribal entity?

 

[Desk Jockey]

Would this effect any of the liability suits since it will be a tribal entity?

depending on the form and outcome of the BK, the victims/claimants would become a unsecured class of creditors. It definitely limits their ability to recover $$ But it may not be zero.

 

[Desk Jockey]

My Remington experience across 3 700s and 4 shotguns in the last 15 years has been very mixed. One 870 has a 15# trigger that was as gritty as a bucket of sand. One +$1000 308 flings bullets in a disappointing group despite a considerable amount of tweaking. TBH only one of those guns is ”impressive” in the same way my tikka is for 2/3 the price. I would need a really reason to buy another Remington.

despite that, I am displeased to see it pushed into BK again. The anti gun crowd is smart and resourceful. They will try to undermine at every opportunity and one attack vector is crushing companies with product liability litigation And these lawsuits against gun companies are being supported and funded in part by the anti gun crowd As part of an effort to eradicate firearms ownership.

 

[Fatcamp]

Remington has been on the financial ropes for a long while now. Cerebus Capital bought them at fire sale prices in 2007, loaded them with debt, took the money and let them drown.

Remington's failures are in the boardroom, not the factory... mainly by people with little interest in gunmaking.

https://www.nytimes.com/interactive/2019/05/01/magazine/remington-guns-jobs-huntsville.html

Very similar to the changes that took place with Cabela's. Wall Street destroys what they touch over profits. How it is.

 

[rayporter]

you knew it was coming..


do you suppose that the name will be changed ...............................................to savage

 

[Fonkie]

One would hope that any company/corporation purchasing the company at this point would do so with the intent of making necessary changes to bring the iconic name & products back to prominence. A new adjustable trigger or partnership with one of the great companies that make replacements would be my first order of business.

 

[rayporter]

still in limbo!

i went past in august and the ammo plant in Arkansas was bare. the last few weeks it has had cars in the parking lot. word is they are using up material and will then close.

they have not made accutip slugs for about a year. just sayin what i heard.

 

[Trogon]

How many times does a company get to zero out it’s debt at the expense of others and then keep operating as usual?

 

[PathFinder]

How many times does a company get to zero out it’s debt at the expense of others and then keep operating as usual?

As long as the Federal Reserve exists? It's unlimited.

Sent from my SM-G973U using Tapatalk

 

[Tx_trad]

Must be why I keep getting letters in the mail

 

[Gorp2007]

Very similar to the changes that took place with Cabela's. Wall Street destroys what they touch over profits. How it is.

All while claiming the "moral" imperative to maximize shareholder profits. Largely at the expense of the workers and the subsidiary.