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Remington Returns to Bankruptcy Blaming Falling Gun Sales
Yahoo Finance ^ | 7/28/2020 | Rick Green and Steven Church

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 ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: banglist; bankruptcy; firearms; guns; remington
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To: socalgop
yeah multiple rounds of private equity firms have looted remington and drove its product quality into the ground.

This isn't just Remington's problem. Virtually every American company is managed by sophisticated fraudsters whose MO is to acquire a quality American brand, cut costs and quality by outsourcing while still selling at a premium price, suck all the cash out or cash-out stock options and then (if lucky) sell off the company to rubes like the pension funds or declare bankruptcy, leaving everyone else to pick up the tab for the unemployment, low wages and transfers of technology to overseas competitors.

GE, Boeing, etc., the list is endless.

41 posted on 07/28/2020 11:09:20 AM PDT by pierrem15 ("Massacrez-les, car le seigneur connait les siens")
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To: Spktyr

Well, that’ll do it. None of the guys in my family have looked at Remingtons lately.


42 posted on 07/28/2020 11:16:05 AM PDT by madison10
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To: GenXteacher

In the 1980’s and early 1990’s I did quite a bit of crisis consulting for banks. One of my clients was one of oldest savings banks in the country and it took 10 years of grossly incompetent management to push it to the brink of catastrophe. Our team was able to rehabilitate the bank and we remarked at the time that, “it is really hard to destroy a good brand”. Of course that was before the advent of woke management and woke media.


43 posted on 07/28/2020 11:16:17 AM PDT by TheConservativeBanker ($;)
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To: Spktyr

You never hear those brands in the movies. Everyone has their beloved Glock. Regardless, the only plastic pistol I own is an HK P2000. All the rest are Sigs, 1911 Colts, and Dan Wesson’s.


44 posted on 07/28/2020 11:16:40 AM PDT by Cobra64 (Common sense isnÂ’t common anymore.)
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To: Spktyr

Good ammo, apparently >>> green and white box. Although I can never find it.


45 posted on 07/28/2020 11:16:41 AM PDT by dhs12345
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To: ek_hornbeck

As a gun maker in these times, you really do have to make an effort if you want to fail. Shelves are getting cleaned out everywhere and sales to first-time buyers are through the roof. If you go under in that environment, you’ve been doomed for a long, long time and it has zero to do with the market.


46 posted on 07/28/2020 11:17:37 AM PDT by 2aProtectsTheRest
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To: Cobra64
The unwashed today believe the Glock pistol is the only handgun on the planet.

One of the few handgun brands I do not own.

47 posted on 07/28/2020 11:19:52 AM PDT by Cuttnhorse (Nothing dies harder than a lie that people want to believe)
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To: Cobra64

Hollywood is not reality. You should know this.


48 posted on 07/28/2020 11:26:22 AM PDT by Spktyr (Overwhelmingly superior firepower and the willingness to use it is the only proven peace solution.)
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To: spincaster

They are making ammo. They just CBA to increase manufacture.


49 posted on 07/28/2020 11:27:32 AM PDT by Spktyr (Overwhelmingly superior firepower and the willingness to use it is the only proven peace solution.)
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To: Cobra64

For sure, they have taken every imaginable shortcut to manufacturing as marketed it as strength.


50 posted on 07/28/2020 11:29:01 AM PDT by Durus (You can avoid reality, but you cannot avoid the consequences of avoiding reality. Ayn Rand)
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To: Spktyr

I love my 700 BDL 30.06.. one of the best rifles out there, as is my 870 Tactical, 870 SPS Super Mag Turkey Predator and my 597 semi-auto 22.


51 posted on 07/28/2020 11:29:43 AM PDT by maddog55 (Only thing systemic in America is the left's hatred of it.)
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To: PapaBear3625

They got the,selves into a financial pickle by overextending themselves with debt load, sounds like. But yeah it’s still surprising.


52 posted on 07/28/2020 11:31:02 AM PDT by Robert DeLong
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To: Monty22002

Don’t know, I switched to Hornaday personal defense some time ago.


53 posted on 07/28/2020 11:32:36 AM PDT by circlecity
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To: Spktyr

“Springfield’s XD series...”

Grabbed a used .40 cal XD just this week. Tritium night sights, Talon grips, extended Mag release, 4 Springfield magazines, and a box of ammo.

$325. I feel like I stole it. It’s our fourth XD pistol. Superb pistols for the money.

L


54 posted on 07/28/2020 11:33:39 AM PDT by Lurker (Peaceful coexistence with the Left is not possible. Stop pretending that it is.)
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To: maddog55

And how old are those? Because their recent offerings are actually worse than the Chinese clones thereof.


55 posted on 07/28/2020 11:33:39 AM PDT by Spktyr (Overwhelmingly superior firepower and the willingness to use it is the only proven peace solution.)
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To: circlecity

Last I got and it’s been awhile was Winchester Ranger-T’s, but had some Golden Sabres and they seemed good and reliable. Think all the top brands have been pretty good for 20+ years.


56 posted on 07/28/2020 11:34:05 AM PDT by Monty22002
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To: ek_hornbeck; All

Some threads from the last time Remington went bankrupt - waaaaay back in... 2018. Nothing has changed since then.

http://www.freerepublic.com/focus/news/3607736/posts

https://www.freerepublic.com/focus/f-news/3631680/posts


57 posted on 07/28/2020 11:36:13 AM PDT by Spktyr (Overwhelmingly superior firepower and the willingness to use it is the only proven peace solution.)
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To: Monty22002

I’d go for Federal or Winchester ammo over green box Remington any and every day for range ammo.


58 posted on 07/28/2020 11:38:14 AM PDT by circlecity
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To: Spktyr

Duh. The unwashed don’t know this. The average jerk in the street never heard of Sig Safier, Beretta, Dan Wesson. Heckler and Koch. They think AR stands for assault rifle.


59 posted on 07/28/2020 11:39:40 AM PDT by Cobra64 (Common sense isnÂ’t common anymore.)
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To: Cuttnhorse

i dont own any either

not a fan of safety triggers


60 posted on 07/28/2020 11:42:28 AM PDT by Secret Agent Man (Gone Galt; Not Averse to Going Bronson.)
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