Skip to comments.Gunmaker Remington to file for bankruptcy
Posted on 02/13/2018 4:31:05 AM PST by servo1969
U.S. firearm manufacturer, Remington Outdoor Company, said it will file for Chapter 11 bankruptcy protection, but stay in business throughout the process.
"Difficult industry conditions make today's agreement prudent," said Jim Geisler, Remington's executive chairman, in a statement released by the company on Monday.
(Excerpt) Read more at foxbusiness.com ...
Certainly some other gun-maker would be happy to by this iconic brand.
Previous with a bit different information
The ammunition division alone ought to be a money printing machine.
Ya know the gun manufacturers should have realized that once the number one salesman of all time left Office that sales would go down. This was a given.
Must have hired too many liberals?
Is Remington Defense separate or will that go too? That would be a real shame. A very good subsidiary
202 year old company, it finally took modern jackass management and a conglomerate like Cerberus to load it up with debt and make it go bankrupt. Some MBAs made their millions on it and trashed an American icon.
I think this part is hogwash. What definitive link associates the drop in sales to Sandy Hook? The whole industry is coming off of an 8 year glut of over anxious demand. This was predictable and normal (IMO).
I also wonder if the gun division and the ammunition division is the same company. It just seems hard to understand how they can be in such bad shape considering ammunition sales.
Classic case of expanding in a shrinking market due to increased competition. Company was also hurt by introducing and then having to recall new products. Sometimes it’s better to remain small and operate in a niche market.
I follow the custom 1911 market. Wilson Combat used to stand at or near the top of producers. Then several key employees left to form Nighthawk Custom. In competing against each other, both companies have expanded product lines while outside competition has grown, often producing a near custom gun at 1/4-1/3 the cost. In the past few years, listings on Gunbroker have grown from a few pages for Wilson to 7-10 pages for Wilson and Nighthawk. Hope I’m wrong but I predict future financial problems for both of these high end producers.
“””””””202 year old company, it finally took modern jackass management and a conglomerate like Cerberus to load it up with debt and make it go bankrupt. Some MBAs made their millions on it and trashed an American icon.”””””””””””””
A big 10-4 0n that. From personal experience I know exactly what it is like when a good company goes into the hands of an investment group. Their only motivation is money. And fast money.
I have been dealing with one company for many years. A few years ago it was taken over by the money grubbers. An mba who has never been within a mile of a customer is put in charge. Very experienced employees get the boot in favor of kids out of college. Everything they do revolves around squeezing the last penny of profit out of it.
I heard a speaker once talk about this topic. He said we think in terms of quarters of a year. The Chines think in terms of a quarter of a century.
DPMS Panther is a Remington subsidiary too.
Colt went bankrupt in mid 2015 and came back in early 2016.
They deserve it for the horrible 22 ammo they produce.
Gun sales are still at record levels. Maybe Liberals are buying because of Trump. Nevertheless this is more about bad management decision making than it is about industry sakes volume.
Has over all gun sales crashed? I don’t know but name a gun introduced by Remington in the 10 years that you were excited about.
Stayed in Connecticut.
Made the R51.
Neither of those helped.
NY not CT.
The family-owned Remington went belly up after the Civil War, but the name continued even though it was bought by a New York City banker. Anyone who is upset that today’s Remington isn’t their father’s Remington shouldn’t feel bad... it wasn’t HIS father’s Remington (and so on) either.
Considering the boom in the private sales arms market since obama got in, the only reason a major outfit like this could possibly go bankrupt is via absolute incompetent management.
And I agree with other posters, buying up this name alone would be like owning a money printing press.
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