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 ...
Maybe if they didn’t do stuff like buy up Marlin and then drive the Brand into the ground things would be better for them. I’m glad I got my Marlin Mod 1895 before Remington raped Marlin. Great bear gun BTW.
Their QC and prestige has gone way down. 15 years ago the 700 would have been my first choice for a tack-driver. Now nobody even looks a them.
Only a company as effed up as Remington could go bankrupt in the midst of the biggest gun sales boom in the history of the United States.
Remington should hire Gaston Glock... a marketing genius. The unwashed today believe the Glock pistol is the only handgun on the planet.
yeah multiple rounds of private equity firms have looted remington and drove its product quality into the ground. this isn’t an arms industry problem, it’s a remington problem.
It’s their QC. New guns don’t feed well, seen a couple out of headspace, front sight blades dovetailed in at a crooked angle, rounds popping out of the feed lips and bounce out of the ejection port when you try to close the bolt, things like that. Been happening for about 10 years or so
What a pathetic excuse - with guns flying off the shelves at record rates. How the hell are they not making a profit?
Don’t the “make” ammo?
Any gun company going bankrupt right now is incompetent. Took me 3 hours online the other day to find ammo.
CC
They were at one time. Back in 1869, Remington introduced the first large caliber cartridge revolver, a .46 cal using a cartridge conversion cylinder in their popular Model 1863 percussion (cap and ball) revolver.
They began manufacturing these pistols paying Smith & Wesson something like $1.00 per pistol to use their Rollin White patent for a bored through cylinder. Smith & Wesson made .22 and .32 cartridge revolvers, but Remington's was the first larger than that. Remington's revolvers were very popular at the time. It wasn't until 1872 that Colt came out with a .44 cal cartridge revolver. In 1873 Colt introduced their now famous "Frontier Model" .45 when the Rollin White patent expired.
Remington made the R51 2.0 aka “the paperweight”.
Just sayin’
CC
My Remington 870 tactical has feeding issues after only a couple hundred rounds thru it. It sucks.
My old 870 as a boy was solid, functioned forever. I bought the tactical model because of my childhood 870 - complete disappointment.
Bought a Vepr 12 as a replacement, it runs excellent, plus it holds 10 round mags.
Sometimes the best thing that can happen to a company is chapter 13 to lose the debt, then sell to a PE firm that will make the hard decisions and turn it around. That is painful but the status quo isn’t working, and it’s not the market.
I’d be interested in seeing their debt to earnings ratio compared to Ruger, Rock Island, SIG Sauer. No one can afford Akin, Gump or their capital i”investment” bankers!
People are buying more guns, but the lack of ammo is becoming a problem.
Did Remington pull some social justice nonsense? Is that the real reason?
They actually do manufacture ammo, and for some specialty loads use contracted out components or even entirely contracted out manufacture. However, the bulk of Remington ammo is made by Remington.
No, it was idiot management, complete lack of understanding of the current market, lack of goods people want to buy and poor QC.
No, they don’t; Springfield’s XD series and Smith & Wesson’s M&P series sales figures are proof enough of that. And Remington couldn’t afford to hire Gaston for 20 minutes.
Consider what Remington did with the design for the Masada rifle series.
START MAKING AMMO.There isn’t any ammo to be had. Why buy guns if you can’t buy ammo?
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