Posted on 09/10/2020 6:39:41 PM PDT by Beave Meister
Remington filed for Chapter 11 bankruptcy protection for the second time in July. That was after a failed attempt to sell the company to the Navajo Nation and despite the biggest gun-buying boom in the history of the world. Since then, the company has been trying to sell off its various brands and operating units.
Today, the Wall Street Journal reports that . . .
Firearms maker Remington Outdoor Co. has agreed to sell its ammunition business out of bankruptcy to South Carolina-based investment firm JJE Capital Holdings LLC for $65 million plus the assumption of liabilities, subject to better offers.
The JJE offer came in the form of a stalking-horse bid, setting a floor on the sale price for Remington’s ammunition business, which the company has been marketing while in chapter 11. Remington filed for bankruptcy protection in July and has been open to selling its ammunition and firearms operations to pay off its debt.
The proposed deal outlined in papers filed Tuesday in the U.S. Bankruptcy Court in Decatur, Ala., covers the design and manufacturing of ammunition sold under the Remington and Barnes Bullets brands and includes production facilities in Arkansas and Utah.
(Excerpt) Read more at thetruthaboutguns.com ...
“Or is due to mismanagement? “
vulture “capitalists” (similar to Mitt Romney’s Bain Capital) bought the company, loaded it with massive loans that they used to extract massive cash out of the company, and then declared bankruptcy of the hollowed out corpse ..
I think it was the Rem 700 safety thing that bankrupted them.
Well, Barnes makes good projectiles, although I prefer Sierra Match Kings for long range.
Never much liked Remington ammo. although there is worse.
Here’s a little .22LR rimfire ammo trivia: CCI, Federal and American Eagle all come off the same production line.
Remington 870, 1100, Model 700 bolt action.
The only products they make worth owning and they are pretty much the same as they were 50 years ago.
Benelli took the shotgun market and there are lots of better solutions than the 700.
They did it to themselves.
Remington: The ONLY ammunition that flies backwards!
“How does a gun and ammo manufacture lose money in this gun market?”
That’s like dying of thirst during a monsoon.
Sandy Hook.
It’s the old story of a group buying a company and then sucking the life out of it, they started putting out poorly designed guns and replacing quality internals with cheap crap until no one wanted to buy the new garbage.
Before the Wuhan Red Death, my son worked as a trucker for a framing contractor who had several large jobs going.
The idiots who ran the computer any were so incompetent they went bankrupt.
It happens.
He ended up getting hired by a lumberyard that later bought the assets of the old company.
yikes
Cerebus Capital, a venture capital company bought Remington & drove it into the ground.
Those running Cerebus are:
Steve Feinberg, CEO
William L. Richter, Senior Managing Director
Dan Quayle, Chairman of Global Investments
John W. Snow, Chairman
How in the hell is a gun and ammo manufacturer such as Remington going bankrupt in this market? There has to be a Romney type Bain Capital somewhere in the mix.
Figures. America is being systematically destroyed. From within and without.
Never thought I’d see it in my lifetime.
My guess it’s due to mismanagement. I had several Remington rifles until I lost them in a boating accident. They were very well made and accurate. Same thing with Remington ammo.
“Never thought I’d see it in my lifetime.”
me neither ...
but we now know for a fact that are cherished “freedoms” have been a cruel illusion all along and that we really do live in a fascist country governed not by the rule of law but by arbitrary dicta “justified” whenever desired by “emergency”
yep, covid panic porn by the fake stream enemedia has been a lie along, but it did help to get SCOTUS (thank you John Roberts and George Bush) to abolish all portions of the First Amendment!
Yes, THAT Dan Quayle.
Private Equity - That would make some sense.
Sort of like Eddie Lampert did to Sears, perhaps.
Still pretty sad.
Scary. The illusion was maintained for a long time, too.
[22 lr. is cheap-4 cents/pop.]
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