Hope they continue making this.
Posted on 02/12/2018 2:49:48 PM PST by rktman
Remington Outdoor Company Inc, one of the largest U.S. makers of firearms, has reached out to banks and credit investment funds in search of financing that will allow it to file for bankruptcy, people familiar with the matter said on Thursday.
The move comes as Remington reached a forbearance agreement with its creditors this week following a missed coupon payment on its debt, the sources said. The company has been working with investment bank Lazard Ltd (LAZ.N) on options to restructure its $950 million debt pile, Reuters reported last month.
Remington is seeking debtor-in-possession financing that will allow it to fund is operations once it files for bankruptcy, the sources said. The size of the financing and timing of Remington’s bankruptcy plans could not be learned.
Some potential financing sources, including credit funds and banks, have balked at coming to Remington’s aid because of the reputation risk associated with such a move, according to the sources.
(Excerpt) Read more at thefirearmblog.com ...
Own an 870 Wingmaster, I’m a fan... but product development probably could have been better.
Or maybe too much of things like the R51.
They had to work at BK
Lost their best salesman. (Hussein)
Nothing like introducing striker-fired pistols and AR-platform rifles forty years late.
Bought out for a pile of debt by Cerberus and stiffed the creditors.
Almost all the retail gun manufacturers will be caught up in this.
with gun sales at near historic highs, one wonders why
One of the last on the 1911 and AR bandwagon.
The 700 has much more affordable competition with better quality.
Their proven (old design) auto shotguns are approaching the price of Benellis.
The 870 is a good pump gun, but one will last you a lifetime.
Weird holdover stuff like pump rifles, popular only for thick woods deer hunters.
Bad management.
Probably the “tacticool” movement.
Everyone wants an ar15. ‘Cept me.
this whole deal was doomed to failure from the very start, a classic leveraged buyout by the robber barons at Cerberus, loading the purchased companies with unsustainable debt.
yep, has nothing to do with guns and everything to do with the robber barons at Cerberus doing LBOs that loaded the gun companies with unsustainable debt while screwing the people stupid enough to loan them money. Wouldn’t surprise me if Cerberus also strip-mined those gun companies of a lot of their juicy assets.
They stayed in NY after the SAFE act (In ultra leftist Ithaca no less)
Eff ‘em
Good thing they had the Model 70, the 1100 and the 870 to balance out the sheer idiocy of upper management. Had that not been the case, Remington would've been gone long ago.
The cowboy market was being well served for 1858’s and 1875’s by the replica makers (pietta, uberti, cimmaron), who were making replicas prior to the cowboy boom. They just improved their quality due to demand and their price point was tough to beat. American makers just can’t compete on price, S&W Performance shop made a Schofield, but it was $1500! Not many cowboy shooter was to plunk that much down because their guns get used hard and beat up. (That’s why real Colts are not prevalent) Ditto on the rolling block. Cowboys don’t shoot much long distance, except as side matches, and BPCR is a small market.
Agree on the Nylon 66, it was a cool gun (especially if you are attacked by flying wooden blocks)
I wonder what AreFiftyOnes are going for down at Academy...
You forgot Andrew Cuomo.
Ilion NY is nothing but an empty factory with a huge environmental cleanup problem.
Bankruptcy allows them to exit NY and dodge the cleanup costs on the site of their factory.
I nned more.
:) you can never have enough 9mm :)
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.