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U.S. gun maker Remington reportedly taking steps toward bankruptcy filing
The Washington Times ^ | February 9, 2018 | Victor Morton

Posted on 02/08/2018 6:40:22 PM PST by jazusamo

One of the biggest U.S. gun manufacturers is taking steps toward filing for bankruptcy, according to Reuters news service.

Remington Outdoor Company Inc. has “reached out to banks and credit investment funds in search of financing that will allow it to file for bankruptcy,” Reuters reported Thursday evening, citing “people familiar with the matter.”

According to those sources, the debt-ridden company missed a payment on its debt this week and is seeking “debtor-in-possession financing” that would let the company continue operations once it went bankrupt.

(Excerpt) Read more at washingtontimes.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: banglist; bankruptcy; chat; remington
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To: DesertRhino

“I haven’t met anyone with a Savage rifle who regrets buying it. Not a one.”

Worth repeating!


61 posted on 02/08/2018 8:17:40 PM PST by Carthego delenda est
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To: Lean-Right

I still have a 7400 in ‘06. I’ve had it for ages and still hunt with it. I still have a Nylon 66 dad bought me in about 1960.


62 posted on 02/08/2018 8:20:35 PM PST by umgud
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To: jazusamo

Cerberus, with over $30 billion in assets, bought Remington in 2007 for $118 million and assumed $252 million of debt. The firm has acquired more than a dozen brands including Marlin, DPMS Panther Arms and Barnes Bullets with commercial, military and police customers.


That debt number is now $928m. My guess? Cerberus took their investment out by borrowing more money. The suckers who lent them the money will now have to write down some of that principal.


63 posted on 02/08/2018 8:27:25 PM PST by Zhang Fei (Let us pray that peace be now restored to the world and that God will preserve it always.)
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To: Charles Martel
"I have an old Glenfield .30-30 that is probably superior to the Remington-built versions of the same rifle. Sad. Not long ago, I saw that the Model 39a rimfire had been moved to the Marlin "Custom Shop" web page - with a price tag north of $3,000.00. Turns out the "custom shop" was actually a sister company under the "Big Green" umbrella - Dakota Arms. Nice rifles, but *ouch*."

I know how you feel. I've got a lever action Glenfield in .35 Rem and another tube-fed .22 semi auto. I picked up the .35 Rem 20 years ago and it was already about 40 years old. Shoots better than my eyes with iron sights with just about anything.

The .22? Well, it just loves being taken out and shot. ;)

64 posted on 02/08/2018 8:31:33 PM PST by KitJ (Shall not be infringed...)
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To: 2111USMC

“Maybe I better stock up on Remington Copper Solids for my slug gun. It’s the ammo that works best in my gun’s barrel.”

Most states have changed the law on the ‘shotgun zones’ for deer hunting and allow rifles that shoot pistol bullets. 44 mag, 357 mag etc.

Slug guns aren’t worth much now.


65 posted on 02/08/2018 8:46:37 PM PST by Beagle8U (Wake up and smell the Covfef)
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To: jazusamo

I would love to see Savage take over H&R. We need reasonbly priced switch barrel rifles.


66 posted on 02/08/2018 8:48:44 PM PST by buffaloguy (Bond arms Cowbot)
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To: jazusamo

So they bought Para out of Bkcy and now they go under...


67 posted on 02/08/2018 8:52:41 PM PST by JudgemAll (Democrats Fed. job-security Whorocracy & hate:hypocrites must be gay like us or be tested/crucifiedc)
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To: buffaloguy

Forget it, REM bought out H+R in 2008.


68 posted on 02/08/2018 8:57:20 PM PST by Beagle8U (Wake up and smell the Covfef)
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To: DesertRhino

Wally World is selling Savage axis rifles for $269.00. You can’t beat that.


69 posted on 02/08/2018 9:07:50 PM PST by Beagle8U (Wake up and smell the Covfef)
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To: PGR88

Cerberus was the same firm that bought up Chrysler after Daimler-Benz was finished looting all of their equity.

Looks like they did the same thing with remington.


70 posted on 02/08/2018 9:36:19 PM PST by factoryrat (We are the producers, the creators. Grow it, mine it, build it. MAGA!)
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To: Ken H

That was my thought exactly! Best market in my memory, and they can’t make it?


71 posted on 02/08/2018 9:37:14 PM PST by matthew fuller (Updated tagline on order.)
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To: Darksheare

Your take?


72 posted on 02/08/2018 9:46:38 PM PST by NoCmpromiz (John 14:6 is a non-pluralistic comment.)
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To: DesertRhino

Yup, mismanagement was my first thought too. Probably a lot of dead wood in corporate.


73 posted on 02/08/2018 9:46:43 PM PST by SpaceBar
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To: Yo-Yo

Best shotgun in the world 60’s, 70’s 80’s Remington 1100. Uncle still has his with black walnut stock and she fires hard and true


74 posted on 02/08/2018 10:02:17 PM PST by Jarhead9297
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To: NoCmpromiz

Mittens Romney’s group involved at all?


75 posted on 02/08/2018 10:17:12 PM PST by Darksheare (Those who support liberal "Republicans" summarily support every action by same.)
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To: jazusamo

Surprised it took this long with the garbage they put out now... My son bought a shotgun, it’s been sent in for repairs 3 times now. Last time it broke again, they sent him a new one instead, not sure if he even went out and shot it yet. Our other sons 700 was recalled... not to mention the bolt felt like junk from day one. Probably still make quality for higher dollar guns, but basic consumer point weapons are junk, I would try to find older gently used, quality made guns instead.


76 posted on 02/08/2018 10:51:35 PM PST by AzNASCARfan
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To: jazusamo

Keep in mind that this is the same Remington that, when NY-SAFE and the other post-Sandy Hook laws were coming down and most of the other NY or Northeastern gun makers were relocating out of protest, the Obama administration ‘suddenly’ decided to give Remington a contract for sniper rifles and made it contingent on them publicly and loudly staying in New York. And they took it.

Screw them.


77 posted on 02/08/2018 11:35:07 PM PST by Spktyr (Overwhelmingly superior firepower and the willingness to use it is the only proven peace solution.)
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To: AzNASCARfan

That’s too bad. My cheap 870 SuperMag has worked just fine these last 17 years. Takes any length shell, and feeds, fires, and ejects without fail. Even more reliable (I believe) than my older brother’s Mossberg that he let me use when he was in Vietnam and I was in high school. I have to admit, that old Mossberg got pretty abused, much more than my Remington has, but it worked almost every time, too.


78 posted on 02/08/2018 11:35:43 PM PST by VanShuyten ("...that all the donkeys were dead. I know nothing as to the fate of the less valuable animals.")
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To: jazusamo

With record sales during 2009 until 2017 this could only be the results of gross mismanagement and/or embezzlement.


79 posted on 02/09/2018 12:25:09 AM PST by fella ("As it was before Noah so shall it be again,")
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To: TnTnTn

Remington, the oldest continuously operating company in America. It’s a shame. My 1960s Remington Nylon 66 was the best .22 I ever owned.


80 posted on 02/09/2018 1:05:55 AM PST by Inyo-Mono
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