Remington Prepares for Bankruptcy

[Mark 1911]

Saw this on the news for the first time this morning while eating breakfast in a hotel. The sound was turned off, but I saw the headlines and almost choked on my coffee. I figured there would be some ongoing discussion here. Very sad. That being said, the Remington 700 has to be one of the most iconic rifles ever. Would be sad to see that some to an end. Sure hope it does not, and sure hope that if someone buys Remington that they bring back a high quality product.

 

[BE Mike]

If my child is killed I would be hurt/angry/vengeful so on. How does punishing a gun manf. financially fix this or replace any portion of the lost loved one. It is crap and no I would not do this. I would be more interested in sharing the pain with the accused and family.

Just throwing spitballs, but it is possible that, besides greedy lawyers, there may have been organizations and gun grabbing individuals supporting the lawsuit. There are a lot of folks out there that would like to see all gun manufacturers driven out of business.

 

[seedubs1]

Opens the the door to other companies buying the rights and/or patents. How cool would a Savage or MagPul made 700 be?

With the aftermarket as built up as it is for the 700, I just don’t see it dying. Someone will buy the rights/patents.

Saw this on the news for the first time this morning while eating breakfast in a hotel. The sound was turned off, but I saw the headlines and almost choked on my coffee. I figured there would be some ongoing discussion here. Very sad. That being said, the Remington 700 has to be one of the most iconic rifles ever. Would be sad to see that some to an end. Sure hope it does not, and sure hope that if someone buys Remington that they bring back a high quality product.

 

[Woobie]

Wouldn't it be ironic if Wyndham bought the Bushmaster name?

 

[SnoopLoggyDog]

Wrap your head around this...

Remington Arms Company, LLC is an American manufacturer of firearms and ammunition in the United States. It was founded in 1816 by Eliphalet Remington in Ilion, New York, as E. Remington and Sons. Remington is America's oldest gun maker and "It's America's oldest factory that still makes its original product - guns."[SUP][3][/SUP] It is the largest U.S. producer of shotguns and rifles. Remington has developed or adopted more cartridges than any other gun maker or ammunition manufacturer in the world. Its products are distributed in more than 60 foreign countries, making its distribution base and availability wider than those of its competitors. https://en.wikipedia.org/wiki/Remington_Arms

An American gun manufacturer that has been in business since 1816 and arguably the largest single producer of shotguns, rifles and ammo, is in the brink of closing forever. Just unbelievable...

 

[halfmileharry]

Wrap your head around this...

Remington Arms Company, LLC is an American manufacturer of firearms and ammunition in the United States. It was founded in 1816 by Eliphalet Remington in Ilion, New York, as E. Remington and Sons. Remington is America's oldest gun maker and "It's America's oldest factory that still makes its original product - guns."[SUP][3][/SUP] It is the largest U.S. producer of shotguns and rifles. Remington has developed or adopted more cartridges than any other gun maker or ammunition manufacturer in the world. Its products are distributed in more than 60 foreign countries, making its distribution base and availability wider than those of its competitors. https://en.wikipedia.org/wiki/Remington_Arms

An American gun manufacturer that has been in business since 1816 and arguably the largest single producer of shotguns, rifles and ammo, is in the brink of closing forever. Just unbelievable...

Let Trump bailout Remington and let the Libs cry in their white wine.

 

[churchmouse]

Wrap your head around this...

Remington Arms Company, LLC is an American manufacturer of firearms and ammunition in the United States. It was founded in 1816 by Eliphalet Remington in Ilion, New York, as E. Remington and Sons. Remington is America's oldest gun maker and "It's America's oldest factory that still makes its original product - guns."[SUP][3][/SUP] It is the largest U.S. producer of shotguns and rifles. Remington has developed or adopted more cartridges than any other gun maker or ammunition manufacturer in the world. Its products are distributed in more than 60 foreign countries, making its distribution base and availability wider than those of its competitors. https://en.wikipedia.org/wiki/Remington_Arms

An American gun manufacturer that has been in business since 1816 and arguably the largest single producer of shotguns, rifles and ammo, is in the brink of closing forever. Just unbelievable...

Colt was in the same straights more than once. Management rapping the company.

 

[Flinttim]

Terrible management. They buy H&R , scuttle the very successful line of single shots in favor of the Pardner pump shotgun (as if Remy needed another cheap pump gun) then take an iconic name like Marlin and turn it into crap.I suppose for an encore they can buy Beretta and quit making shotguns.

 

[dugsagun]

Yep, the absolute **** poor management over the last several years has now come to fruition. As others have said, hopefully the good stuff gets picked up by some good companies so peeps can still enjoy their 700's and 870's.

 

[seedubs1]

It’s just not enough for a company to be turning a profit anymore. I’ve seen multiple companies lay off huge chunks of people because the “had a bad quarter” where they made millions and millions of dollars.

Colt was in the same straights more than once. Management rapping the company.

 

[churchmouse]

It’s just not enough for a company to be turning a profit anymore. I’ve seen multiple companies lay off huge chunks of people because the “had a bad quarter” where they made millions and millions of dollars.

Expectations from the board room. They have to feed the share holders.

 

[ATOMonkey]

A liquidation company will only buy a business that is already going bankrupt, because it doesn't make fiscal sense to do so otherwise. If a company is profitable, and has a good cash position, then the price to buy it is typically worth more than the assets. When your building and machines are worth more than your total stock value, then you are dying.

Getting mad at this is like getting mad at estate sales.

Additionally, revenue is NOT the same thing as profit, and profit can be calculated a number of different ways. If I am looking at growth potential, then I'll examine gross profit. If I am looking at potential ROI, then maybe I'll examine the net profits. Additionally, I will also look at the asset to liability ratio and cash position to determine if the company is one bad year away from insolvency.

 

[Michelob 007]

My thoughts to a T. I haven't bought a Remington in a loong time due to cheap products. I'll never sell my older rems. **** poor management, corporate greed= bankrupt.

 

[Spyco]

Savage managed to cope with the new landscape with their excellent rifles being sold at good prices. Remington blew it all on shoddy QC and failed attempts to enter the handgun market.

Doesn't help that other companies have started manufacturing stripped receivers and bolts that take Remington accessories and are of higher quality from the get go.

 

[tbhausen]

Damn, this is sad to see. I hope nothing goes wrong with my new Versa Max. I bought it because I could get it in left hand.

 

[busted1200]

I better get my damn 200 dollar rebate from pre black friday

 

[VERT]

Unconfirmed source. But I was told last night that there was a negotiated settlement with some creditors in the form of stock. My guess is the Remington product line will continue. Consider this internet hearsay, but I don’t think Remington will just go away. Not sure what this means as far as rebates and such. Truth is I don’t trust rebates, be it shampoo, tires or guns. Always 50/50 if you ever see the check.

Hopefully Remington will can a lot of their crappy product line. Concentrate on 870s, 1100s, 700s and if they want a handgun their 1911. Concentrate on good quality platforms that can be customized and has a strong presence in the LE market. Slim down the production lines and concentrate on a good product.

 

[busted1200]

My wife and Friend already got their black Friday 100 dollar checks, I'm still waiting on my 2

 

[BehindBlueI's]

Unconfirmed source. But I was told last night that there was a negotiated settlement with some creditors in the form of stock. My guess is the Remington product line will continue. Consider this internet hearsay, but I don’t think Remington will just go away.

That's not hearsay, that's just how bankruptcy works. The assets, which includes the names and intellectual property, will be distributed to the debt holders.

 

[BehindBlueI's]

A few more companies being sucked dry by "investors". https://www.bloomberg.com/news/arti...ops-owners-are-said-to-prepare-for-bankruptcy

Morgan Stanley Private Equity bought Tops from Dutch retailer Koninklijke Ahold NV in 2007 for $310 million. Tops expanded quickly under its new owner, from 71 outlets in 2007 to more than 150 by 2013, and operating results initially improved.But same-store sales began to stall, and debt was used to help finance at least $375 million in dividends for its private-equity owners. Management bought out Morgan Stanley in 2013 through another leveraged transaction.

At Bi-Lo, Lone Star piped in $150 million when the grocer exited Chapter 11 the first time, and invested $275 million to help fund the purchase of Winn-Dixie in 2012. But it probably will still come out ahead, having paid itself at least $800 million since 2012, along with management fees it’s collected, according to regulatory filings.

But, you know, job creators.