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 ...
“I haven’t met anyone with a Savage rifle who regrets buying it. Not a one.”
Worth repeating!
I still have a 7400 in ‘06. I’ve had it for ages and still hunt with it. I still have a Nylon 66 dad bought me in about 1960.
Cerberus, with over $30 billion in assets, bought Remington in 2007 for $118 million and assumed $252 million of debt. The firm has acquired more than a dozen brands including Marlin, DPMS Panther Arms and Barnes Bullets with commercial, military and police customers.
I know how you feel. I've got a lever action Glenfield in .35 Rem and another tube-fed .22 semi auto. I picked up the .35 Rem 20 years ago and it was already about 40 years old. Shoots better than my eyes with iron sights with just about anything.
The .22? Well, it just loves being taken out and shot. ;)
“Maybe I better stock up on Remington Copper Solids for my slug gun. It’s the ammo that works best in my gun’s barrel.”
Most states have changed the law on the ‘shotgun zones’ for deer hunting and allow rifles that shoot pistol bullets. 44 mag, 357 mag etc.
Slug guns aren’t worth much now.
I would love to see Savage take over H&R. We need reasonbly priced switch barrel rifles.
So they bought Para out of Bkcy and now they go under...
Forget it, REM bought out H+R in 2008.
Wally World is selling Savage axis rifles for $269.00. You can’t beat that.
Cerberus was the same firm that bought up Chrysler after Daimler-Benz was finished looting all of their equity.
Looks like they did the same thing with remington.
That was my thought exactly! Best market in my memory, and they can’t make it?
Your take?
Yup, mismanagement was my first thought too. Probably a lot of dead wood in corporate.
Best shotgun in the world 60’s, 70’s 80’s Remington 1100. Uncle still has his with black walnut stock and she fires hard and true
Mittens Romney’s group involved at all?
Surprised it took this long with the garbage they put out now... My son bought a shotgun, it’s been sent in for repairs 3 times now. Last time it broke again, they sent him a new one instead, not sure if he even went out and shot it yet. Our other sons 700 was recalled... not to mention the bolt felt like junk from day one. Probably still make quality for higher dollar guns, but basic consumer point weapons are junk, I would try to find older gently used, quality made guns instead.
Keep in mind that this is the same Remington that, when NY-SAFE and the other post-Sandy Hook laws were coming down and most of the other NY or Northeastern gun makers were relocating out of protest, the Obama administration ‘suddenly’ decided to give Remington a contract for sniper rifles and made it contingent on them publicly and loudly staying in New York. And they took it.
Screw them.
That’s too bad. My cheap 870 SuperMag has worked just fine these last 17 years. Takes any length shell, and feeds, fires, and ejects without fail. Even more reliable (I believe) than my older brother’s Mossberg that he let me use when he was in Vietnam and I was in high school. I have to admit, that old Mossberg got pretty abused, much more than my Remington has, but it worked almost every time, too.
With record sales during 2009 until 2017 this could only be the results of gross mismanagement and/or embezzlement.
Remington, the oldest continuously operating company in America. It’s a shame. My 1960s Remington Nylon 66 was the best .22 I ever owned.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.