Posted on 02/08/2018 6:40:22 PM PST by jazusamo
One of the biggest U.S. gun manufacturers is taking steps toward filing for bankruptcy, according to Reuters news service.
Remington Outdoor Company Inc. has “reached out to banks and credit investment funds in search of financing that will allow it to file for bankruptcy,” Reuters reported Thursday evening, citing “people familiar with the matter.”
According to those sources, the debt-ridden company missed a payment on its debt this week and is seeking “debtor-in-possession financing” that would let the company continue operations once it went bankrupt.
(Excerpt) Read more at washingtontimes.com ...
So sad.
Great rifles and shotguns.
What a shame.I still have a few pounds of their gunpowde, several thousand primers and their Golden Saber 45acp & 9mm bullet heads. Their pistol brass was always top notch.
I had two of them myself and they were good guns.
Worst Ammo ever. Take a few tips from CCI.
Big Green went South when they became Big Green.
Bought out in the dry years and run by a bunch of suits in a boardroom.
All their “Remington accessories” made in China. Key chains, lanterns, tents, blankets. Spend an extra couple bucks to get something “Remington”. Ironically, to show your loyalty to a company that sold an iconic label for profits.
Many of us still have the old real Remingtons and they’re good. Just like when Smith and Wesson sold out, they bombed.
I reckon we’re a particular crew that likes to shoot things made by American craftsmen.
harumph.
Kit
Nylon 66-great .22.
It is too bad; I have a left hand 30-.06 Model 700, and I’ve never had a problem with the trigger pull. I also have a left hand 12 ga. model 870. I like that Remington makes production model left-hand guns that are not outrageously priced.
So I will miss them.
“Worst Ammo ever.”
especially their .22 ammo and ESPECIALLY Remington Peters .22 ammo.
I have not tried it. My Sig will not shoot anything Rem 22LR old school.
You nailed it. “Bought out in the dry years and run by a bunch of suits in a boardroom.”
They did their MBA routine. Lot of US companies have been ruined by them and their complete lack of respect for the reputation of the product that made their company into a household name.
That would be the whiz kids at the holding company who bought Remington out several years ago.
Just guessing, but I’ll bet somebody will purchase the rights to the successful platforms like the 700 and the tube-feed Rangemaster .22.
Sad.
My first firearm when I was 14 years old - 16 ga. Remington model 11.
It’s 90 years old and still shoots great.
“Don’t they own “everybody”. What brands will this affect?”
yes.
and:
“we [Remington Outdoor Company] have some of the most globally recognized brands including Remington, Bushmaster Firearms, DPMS/Panther Arms, Marlin, H&R, The Parker Gun, Tapco, Advanced Armament Corp., Dakota Arms, Nesika, Stormlake, Timbersmith and Barnes Bullets.”
i suspect Remington Outdoor Company was designed to fail, a classic case of leveraged buyouts using money borrowed against the assets of the companies being “bought”. The owners have probably been strip-mining these companies of their real assets, and those stuck with the loans will wind up with nothing during bankruptcy.
My guess is that wall street firms put together junk bonds for the financing, took their cut, and then sold the bonds at inflated prices to retail customers. It’s how these kinds of deals always work.
Always been a core lokt man for deer hunting, better stock up.
Yup. The 1100 was the best shotgun I ever owned.
There was a gun shop owner a few years back who did a video.
Had the same model 22 from the 80s in his shop and a brand new one. Showed all the differences in the models. The newer one was clearly assembly line pieced together with low quality varnish and poorly milled metal.
It was rather sad how the company sold out on quality to chase a few dollars more hoping the public wouldn’t catch on.
I wasn’t ever a big fan of the company, but many were and all they had to do was keep them happy customers.
Worse yet, they’re probably Harvard MBA’s, or HUMBA’s as we used
to call them.
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