Remington files for Chapter 11

[ExRanger714]

In depth info available elsewhere and I'm not an accountant but it seems like they owe as much as the company is valued.

Freedom Group owns them and tried to sell Remington back in November but no takers.

I wonder who will be next? Marlin, Bushmaster, DPMS (all owned by Freedom Group)?

In depth analysis appreciated.

 

[ExRanger714]

I'd thought about repairs and spare parts but ammo--The thought of no more Rem Umc or R-P brands is physical pain.

 

[Lee in Quartzsite]

The last Remington I bought was in 1972...a Nylon 66 that I still shoot today. Bought it at Sears and Roebuck for $75.00. Haven’t really considered buying another Remington in years.

 

[Vegetaman]

Given all the Rustington feedback that has been going on, and the QC issues I've seen bandied about the past several years, I'm not surprised... In fact, its what pushed me to buy a Mossberg instead when I was looking for a shotgun.

But yeah, I too am curious what about the ammo side of stuff.

 

[CapnB]

I have a hunch that the ammo side of their operation is still making money, just probably not enough to support the failing firearms side. I suspect that it will either be spun off as a stand-alone, purchased by a competitor or the name will be licensed. I predict the Rem/UMC brand will be around for quite a while.

[turns off crystal ball]

 

[erics]

I'm waiting for some ammo rebates. Could be a long wait

 

[CAJUNLAWYER]

I'm waiting for some ammo rebates. Could be a long wait

I'll put it to you in legal terms. You are SOL. In the grand scheme of things you are listed as an unsecured creditor which means you will get zip, nada, zilch.
I'm wondering whether this is a prepackaged 11 or not. Lots of times these are already set up with the creditors involving equity swaps, etc. The bankruptcy can dust off potential liabilities for product defects, other debt that can be shed while keeping assets, labor contracts, etc. OR it could be he beginning of an orderly selling off the company assets.....Since I am not on the legal team, I can only surmise. onestly though what Remington firearm would you consider buying in today's market? Certainly not their shotgun lines as other manufacturers have much better products. Handguns? Nope. The only thing that they have that might be worth anything is their tainted 700 line of rifles. GO look in a Cabella's ans see how many Remington firearms are on the shelf. Not many. Hell for that matter how many RUger 77's or Hawkeyes do you see on the shelfs? You got Ruger Americans and Savages and Mossburgs and Titkas. When was the last time you saw a rack of Model 70's, 700's or 77's. The manufacturers are now building to price points, and while the guns are good, they are not the "quality" we grew up with, simply because they are too expensive to produce. They are made to go band and hit what you are aiming at as cheaply as possible.

 

[JSR III]

Rumor is even S&W is on a wing and a prayer themselves.

Can you supply the source of this information? According to the American Outdoor Brands web site, although firearm sales are down this year as opposed to last year, the company is still in good financial condition due to sales at their other subsidiaries.

One must remember that gun sales were off the hook in the year prior to the election due to the fear of the other candidate being elected. Since that situation did not occur, gun sales have relaxed and it would be normal for this years numbers to be lower than last years.

This is an industry situation and will be impacted even more if the current wave of anti gun sentiment continues to sweep across the country. It has probably never been more important to join the NRA and have them fight this issue on a national level. As an individual it is hard to fight this battle but as a member of the NRA we may have a chance. Join now or cry later.

 

[JSR III]

I suppose but then who are they fighting for the portfolio investors and the gun company's ?

No they are fighting for the rights of their 5 million members to continue to enjoy all shooting sports, not just the threat of civil suit in the case of a concealed carry shooting event. Let the anti gun movement continue on unchecked and you will not have to worry about a civil suit as you won't have a firearm to precipitate one.

 

[dben002]

Can you supply the source of this information? According to the American Outdoor Brands web site, although firearm sales are down this year as opposed to last year, the company is still in good financial condition due to sales at their other subsidiaries.

One must remember that gun sales were off the hook in the year prior to the election due to the fear of the other candidate being elected. Since that situation did not occur, gun sales have relaxed and it would be normal for this years numbers to be lower than last years.

This is an industry situation and will be impacted even more if the current wave of anti gun sentiment continues to sweep across the country. It has probably never been more important to join the NRA and have them fight this issue on a national level. As an individual it is hard to fight this battle but as a member of the NRA we may have a chance. Join now or cry later.

Yes, Smith and Wesson and Ruger are reporting dismal sales figures and layoff's. This information is readily available at CNN.Money.com.......Here is the report..



The bankruptcy filing allows Remington to stay in business while restructuring its massive debt. The company has been planning to reduce its debt by $700 million through the Chapter 11 process and contribute $145 million to its subsidiaries.




Remington plans to keep on making guns. The company said, when it first announced its plan to file for bankruptcy in February, that operations "will not be disrupted by the restructuring process."



Powered by SmartAsset.com
SmartAsset.com







Founded in 1816, Remington is one of the oldest and best-known gun makers in the world. It's owned by Cerberus Capital Management, which plans to shed ownership once the bankruptcy is complete.



Related: Remington plans to file for bankruptcy
Remington is headquartered in North Carolina. It makes a variety of handguns, shotguns and rifles at its sprawling 19th-century factory in Ilion, N.Y.



Its products include the Bushmaster AR-15-style rifle that was used in the 2012 mass shooting in Newtown, Connecticut. The company has been sued by family members of the Sandy Hook victims.



An attorney from the law firm representing those family members said it does not expect the bankruptcy filing to affect its clients' case "in any material way."



The company also settled a class action lawsuit a few years ago regarding allegations of defective rifles.



Related: A cloud hangs over the gun industry
The gun industry as a whole has suffered plunging sales and profits under the Trump administration, because consumers are no longer driven by fears of more restrictive gun control with a Republican in the White House who's been endorsed by the National Rifle Association

 

[JSR III]

The gun industry, which also includes publicly traded companies like American Outdoor Brands (AOBC), owner of the Smith & Wesson brand, as well as Sturm Ruger & Co. (RGR) and Vista Outdoor (VSTO), has experienced slumping sales since the election of President Donald Trump.

This is the only reference to S&W that I could find using your links. I don't see any reference to S&W being "on a wing and a prayer". As I said above, the fever of pre election gun sales has dropped since the election and this is a typical cycle that happens depending on who is in or projected to be in the oval office.

 

[500SNW]

No they are fighting for the rights of their 5 million members to continue to enjoy all shooting sports

JMHO but I suspect that, after this weekend, there will be a humongous surge in sales of guns, ammo and accessories. Historically, every time the antis make a serious push for gun control, there is a backlash by the gun buying public.

 

[Bozz10mm]

Oh we will have the guns, might not have the ammo, perhaps some will get clever enough to do some underground ammo making.

But you won't find the "how to" on Youtube. I hate to see any gun manufacturer go out of business, but I won't miss Remington or any of it's affiliates. I don't like Remington ammo either.

 

[LostintheOzone]

The whole rem 700 accidental discharge thing has been a perennial leech to the company.
I hope to see some part of the company salvaged

Probably only the name, like Winchester.

 

[Lee in Quartzsite]

Gotta feeling this thread will be locked up before it hits 50 posts............

 

[handejector]

Gotta feeling this thread will be locked up before it hits 50 posts............

Only long enough to run it through the car wash.


USE the at top right of every post to report any post we need to look at, folks.
We don't read them all.

 

[muddocktor]

Thanks for cleaning up the mess, Lee! You and the rest of the staff run a nice tight ship here, thanks!

As far as Remington is concerned, we knew this was coming. Hopefully they can restructure their debt and survive. But, I can't find any of their guns that appeal to me at their respective price points. I thought about maybe getting one of their 1911's since I was actually looking for a 1911, but they got hammered on the price point by ATI, which is actually a well built gun for the price point it sells for. As for their ammo, well I reload so I very seldom buy factory ammo of any type.

 

[Muss Muggins]

I've talked to lots of people about Remington's demise, and most seem to agree that they should have stayed out of handguns. No idea how much they spent doing so, but between that and the Model 700 issues, it must have been pretty expensive . . .

Thanks for cleaning up the mess, Lee! You and the rest of the staff run a nice tight ship here, thanks!

As far as Remington is concerned, we knew this was coming. Hopefully they can restructure their debt and survive. But, I can't find any of their guns that appeal to me at their respective price points. I thought about maybe getting one of their 1911's since I was actually looking for a 1911, but they got hammered on the price point by ATI, which is actually a well built gun for the price point it sells for. As for their ammo, well I reload so I very seldom buy factory ammo of any type.

 

[Ranger17]

I havent done this long enough to have any history with their firearms but have used their UMC ammo often (works great for my needs). But in general, i'd hate to see any company that's been around that long fail, without at least doing what they can to try and make it work. For both the people who are there now and the people who built it over all those years.

 

[the ringo kid]

The last Remington I bought was in 1972...a Nylon 66 that I still shoot today. Bought it at Sears and Roebuck for $75.00. Haven’t really considered buying another Remington in years.

The last Remington I bought was Saturday, so I kinda did my part. However, it was an .03 made in 1918. So not really. However, I do buy their ammo.