Posted on 07/28/2020 10:23:37 AM PDT by ek_hornbeck
Remington Outdoor Co. filed for bankruptcy for the second time in two years with plans to sell the 200-year-old maker of firearms.
The company said reduced gun sales prevented it from making money even after restructuring its finances in its first bankruptcy. Remington had $437.5 million in sales last year, about half the business it did in 2016, according to court papers filed in Decatur, Alabama.
The company owes various lenders more than $250 million, including a $12.5 million debt to Remington’s home town of Huntsville, Alabama, which put up a loan to help upgrade a manufacturing plant there.
The Chapter 11 filing allows the company to keep operating while it devises plans to turn around the business and pay its creditors.
(Excerpt) Read more at finance.yahoo.com ...
Yeah pretty sad when a company can’t make a profit in the biggest gun market in history, that would be like a toilet paper company going bankrupt in the middle of the COVID-19 panic in April.
Everything is in short supply and selling for top price. Ammo is also hard to find. Remington must really stink these days.
Mismanagement can kill any business.
Many of those people who are buying handguns would probably be better advised to buy the venerable Remington 870 shotguns
Remington makes handguns too.
https://www.remington.com/handguns/
They make rifles, and shotguns. It blows my mind that they can’t get their act together to make a profit now.
Most of the companies that are filing for bankruptcy took on way too much debt-the interest and principal payments are a fixed cost that must be paid regardless of sales.
There must be democrats running that company.
There must be democrats running that company.
Yeah, I know of Remington’s handguns, but they really aren’t and never were anyone’s go-to brand for them, unlike shotguns and rifles.
It’s upticked for both, but Remington doesn’t make anything anyone wants to buy any more - either in design, quality, or both.
Outsourcing production of classic Remington models (700 rifles, 870 shotguns, etc) and the creation of lines of cheaper, lower-quality ripoffs of those models has a lot to do with it.
They haven’t innovated - the competition has passed them with new features - and their quality control has dropped.
Right now the best Remington 870 you can get is a clone from China or Turkey. Which is sad.
Everything Remington touches turns to crap. Marlins were some of the finest rifles in the world until Remington bought them out. Their ammo is barely above Tula.
I guess they couldn’t sell ice water in the desert.
The sad part is that the 700s and 870s weren’t outsourced.
I smell a deep state rat trying to dry up supplies.
Their Golden Sabre ammo used to be one of the top tier brands. Has it gone downhill?
If you can’t sell a gun or ammo in this market then you deserve to go out of business.
Both Remington and Colt are managed by fools.
S&W doesn’t seem to be having a problem as they sell what The People want.
Remington has 870 which hasn’t changed in 50 years.
Colt lost 1911 and AR market, stopped making the Python.
And these were their BEST products.
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