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 ...
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.
Well, that’ll do it. None of the guys in my family have looked at Remingtons lately.
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.
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.
Good ammo, apparently >>> green and white box. Although I can never find it.
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.
One of the few handgun brands I do not own.
Hollywood is not reality. You should know this.
They are making ammo. They just CBA to increase manufacture.
For sure, they have taken every imaginable shortcut to manufacturing as marketed it as strength.
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.
They got the,selves into a financial pickle by overextending themselves with debt load, sounds like. But yeah it’s still surprising.
Don’t know, I switched to Hornaday personal defense some time ago.
“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
And how old are those? Because their recent offerings are actually worse than the Chinese clones thereof.
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.
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
I’d go for Federal or Winchester ammo over green box Remington any and every day for range ammo.
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.
i dont own any either
not a fan of safety triggers
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