Posted on 03/27/2018 8:25:39 AM PDT by Cheerio
Remington Outdoor Company has officially filed for bankruptcy since suffering sales and a lawsuit from the 2012 Sandy Hook School shooting.
According to reports, Remington plans to hand it all over to its creditors with the hopes of writing off most of their debt. Cerberus Capital Management LP bought Remington for $118 million in 2007, assuming $252 million in debt in the process.
Remington was founded in New York in 1816 but is now based out of North Carolina. The company who bought it, Cerberus Capital Management, created a holding company, Freedom Group, who rolled it into other manufacturers it had acquired.
According to NY Times: “After 20 children and six adults were killed in 2012 at Sandy Hook Elementary School in Newtown, Conn., public outrage zeroed in on Remington after the authorities reported that the gunman had used an AR-15-style rifle made by the company. Families of the Sandy Hook victims sued Remington, saying the manufacturer of the military-style assault rifle used by the gunman bears some responsibility for the attack.”
Sandy Hook was tragic but I still don’t understand the logic of suing gun makers, or fighting the NRA, when someone does something like this. I probably never will. What do you think?
(Excerpt) Read more at redrightvideos.com ...
How about everyone go out and buy a Remington? I got an 870P.
The joy of the Left is hardly containable. But, really, this was pretty foreseeable, what with the leveraged buyout and debt piled upon debt.
Now if Sturm Ruger went under tomorrow, that would be a different thing.
I’ve got the 870 Tactical, 870 Express ShurShot Synthetic Turkey and a Model 700 30.06 BDL.
All great guns...
This is not the result of anti-gun moonbats. This is the result of the free market. There is currently a glut of gun manufacturers serving a finite market. In those situations the rule is survival of the fittest. Such is the nature of capitalism.
Sorry Remington. You played the game well and lasted longer than most companies. But it’s a cruel world and we all have to go at some point.
Little Adolf Snowflake.
Willie Sutton, Jr. would say, because that's where the money is.
(Until they declare bankruptcy.)
The company was looted in arcane financial maneuvers.
Remington firearms will continue to be made for a long, long time. Financiers will somehow figure a way to make money from this, wheeling and dealing over the remnants of the company, but the machinery and trademarks are still valuable.
///”The company was looted in arcane financial maneuvers.”////
You said it better than I.
They were sucked dry.
Adam used pistols, he left the AR in his trunk. The families MIGHT have some standing IF they can show just one shred of evidence from Remington that stated that their company policy is to murder innocent people.
A sad day. I own many Remingtons, and don't have a bad thing to say about their product. Even with a desperate attempt by signing everything over to the creditors, I doubt they will have a chance. Buy your Remington spare parts now.
“manufacturer of the military-style assault rifle”
An AR-15 is not an “assault rifle” will the MSM ever get this right?
The U.S. Army defines assault rifles as being capable of selective fire, meaning full auto.
Remington Outdoor is more than just Remington Arms. It’s also Marlin, DPMS, Bushmaster, Parker Guns, Dakota Arms, Harrington & Richardson, etc. Presumably, some of those brands will be peeled away during the bankruptcy and end up in the hands of more responsible owners.
Got one.
That looks like a picture of a woman dressed as Hitler.
My 870 Express is the most versatile gun I own. With just the change of a barrel, I have a home defense gun, a turkey gun, a skeet/trap gun and a rifled deer gun, w/ scope. Few guns can do so much for such a small price tag. They even make sub-calber adapters/inserts that enables you to shoot other rifle sized ammo.
By design (by leftists)?
I Had an 870...
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