U.S. gunmaker Remington files for bankruptcy

Reuters | Mar 28, 2018 | Tom Hals, Jessica DiNapoli

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(Reuters) - Remington Outdoor Co Inc [FREDM.UL], one of the largest U.S. makers of firearms, filed for bankruptcy protection on Sunday to carry out a debt-cutting deal with creditors amid mounting public pressure for greater gun control.

The company’s chief financial officer, Stephen Jackson, said in court papers that Remington’s sales fell significantly in the year before its bankruptcy, and that the company was having difficulty meeting requirements from its lenders.

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https://www.reuters.com/article/us-remington-bankruptcy/u-s-gunmaker-remington-files-for-bankruptcy-idUSKBN1H204F?feedType=RSS&feedName=topNews

Sorry, I missed the URL. Please don’t suspend me.

[wmileo]

Too Bad. They made some fine firearms in the past.

[DarthVader]

Filing for bankruptcy does not mean going out of business.

[shanover]

The problem was corporate idiocy. Maybe Bain was feeling triggers.

[A strike]

No better shotgun than the Remington 870.

[american_ranger]

I just traded a used Mossberg 500 for an unfired Remington 870 Wingmaster. Did I do OK?

[BookmanTheJanitor]

The R51 didn’t save the company? (sarcasm)

[NoLibZone]

LOL.

Remington handguns are horrible.

[familyop]

Boy, won’t Elmer Fudd be disappointed!

[Lean-Right]

They are both workhorses in the shotgun
world, but the 870 is renowned for its
toughness. You didn’t go wrong in my
opinion.

[Netz]

What, the Chinese are not interested in buying them out?

[DarthVader]

They are going to restructure their debt and tune-up their business. They will recover.

[Yo-Yo]

Colt filed for bankruptcy a few years ago, but is still in business.

[greeneyes]

This appears to be a reorganization and restructuring of debt. Company will not yet be gone. Likely will do some downsizing and sale of any assets not related to core business. Staff reduction in force for sure.

[Stormdog]

“No better shotgun than the Remington 870.”

Especially for when things go bump in the night.

[A strike]

You got that right !

[A strike]

” I just traded a used Mossberg 500 for an unfired Remington 870 Wingmaster. Did I do OK?”

Dang, man, you did so OK I’m ready for you to list my house !

[NoCmpromiz]

Hmmm...

[JudgemAll]

Some say the new 870s are rough cycling and not as nice as the old ones. Although the Mexican Mosbergs (Maverick) are not that good and would rather have a 870. US military uses mossberg because it is more ergonomic.