Gunmaker Remington filing for bankruptcy

[GURPS]

Remington Outdoor announced plans to file for bankruptcy on Monday, succumbing to a “Trump slump” that whacked sales by 30 percent in its most recent quarter.

[clip]

The Sandy Hook school shooting, which killed 20 Connecticut children in 2012, prompted a backlash after the weapon used in the massacre was identified as a Remington Bushmaster AR-15-style rifle.

Cerberus quickly tried to divest itself of the company but found no takers.

The PE firm eventually allowed disaffected investors to sell back their stakes.

Remington’s latest woes began with the election of President Trump.

No longer fearful of tighter federal gun laws, enthusiasts slowed their gun purchases.

Firearm background checks, a proxy for gun sales, fell 8.4 percent last year.


Gunmaker Remington filing for bankruptcy

 

[Starman]

Trump slump?

They make terrible products. That is all.

 

[black dog]

Trump slump?

They make terrible products. That is all.

So who builds quality rifles?

 

[Hijinx]

Trump slump?

They make terrible products. That is all.

You guys are really funny. No wonder we keep you around for amusement.

 

[Starman]

So who builds quality rifles?

There are lots. Remington used to be good before that private equity group bought them out.

As far as rifles, I've got a Model 700 .300 and a Tikka T3 lite. Good quality rifles.

 

[black dog]

There are lots. Remington used to be good before that private equity group bought them out.

As far as rifles, I've got a Model 700 .300 and a Tikka T3 lite. Good quality rifles.

I have a few 700's myself, a 40X in 300 WM sitting in a McMillan, a 40X Rangemaster in 308, 3 PSS's in 300 WM, 308 and 223 along with a few Remington varmint rifles..
Do you think I should sell them and downgrade to a 500 to 650 dollar Tikka's?

 

[Gilligan]

Only Remingtons I've ever owned are the Model 121 pump .22 I grew up with and several 870 bird and slug guns in 20 and 12 gauge.

It was common knowledge that the company was struggling; be interesting so see what happens to the brand.

I think this part of that article is pure BS though.

The Sandy Hook school shooting, which killed 20 Connecticut children in 2012, prompted a backlash after the weapon used in the massacre was identified as a Remington Bushmaster AR-15-style rifle.

 

[black dog]

Only Remingtons I've ever owned are the Model 121 pump .22 I grew up with and several 870 bird and slug guns in 20 and 12 gauge.

It was common knowledge that the company was struggling; be interesting so see what happens to the brand.

I think this part of that article is pure BS though.

It's tough to beat a 870... Most gun Companys are struggling now, it's sad to see company's like Colt and Remington go through hard times.
Remling has really had problems with most of their bottom end firearms for a few years now.

 

[Gilligan]

It's tough to beat a 870... Most gun Companys are struggling now, it's sad to see company's like Colt and Remington go through hard times.
Remling has really had problems with most of their bottom end firearms for a few years now.

And Winchester too. They went through a pretty dramatic re-org and product line downsizing a few years back to try and survive.

 

[Starman]

I have a few 700's myself, a 40X in 300 WM sitting in a McMillan, a 40X Rangemaster in 308, 3 PSS's in 300 WM, 308 and 223 along with a few Remington varmint rifles..
Do you think I should sell them and downgrade to a 500 to 650 dollar Tikka's?

Only if you want to.

 

[black dog]

And Winchester too. They went through a pretty dramatic re-org and product line downsizing a few years back to try and survive.

And then you look at Browning that for the most part has never built any of there own products but a few pistols has always been in the forefront of being a strong high quality firearms company.
I sent a Browning high wall in for service work a few years back and it was returned in a cardboard Winchester box.

 

[black dog]

Only if you want to.

Pessssttttttt... The Tikka can't keep up on the rifle range.....

 

[Chris0nllyn]

It's tough to beat a 870... Most gun Companys are struggling now, it's sad to see company's like Colt and Remington go through hard times.
Remling has really had problems with most of their bottom end firearms for a few years now.

The older 870s, before they were made with plastic parts, yes. My mid-90s 870 is a workhorse.

 

[Gilligan]

And then you look at Browning that for the most part has never built any of there own products but a few pistols has always been in the forefront of being a strong high quality firearms company.
I sent a Browning high wall in for service work a few years back and it was returned in a cardboard Winchester box.

My Brownie A-5 auto was one of the Belgian made ones and in 'like new" condition. Probably my all-time favorite skeet gun and right up there for waterfowl hunting too. It was, sadly, part of my collection that is lost in the house fire.

 

[black dog]

My Brownie A-5 auto was one of the Belgian made ones and in 'like new" condition. Probably my all-time favorite skeet gun and right up there for waterfowl hunting too. It was, sadly, part of my collection that is lost in the house fire.

My grandfather was a Browning collector, he started me collecting Browning lever rifles. My dad and I split his shotguns, the sad part is I just can't shoot a humpback, I have tired many times but I just can't get up high enough to see over the receiver.
Beautiful work horses.

 

[GURPS]

According to the Journal, Remington announced that it would file for Chapter 11 last month but the actual filing was delayed after the Feb. 14 shooting at Marjory Stoneman Douglas High School in Parkland, Fla. that killed 17 people.

The paper reported that Remington officials plan to hand over the reins to its creditors in exchange for writing off most of the company's debt. Cerberus Capital Management LP bought Remington for $118 million in 2007, assuming $252 million in debt in the process.

Cerberus later formed a holding company called the Freedom Group Inc., consisting of Remington and other firearms manufacturers -- including Bushmaster, which Cerberus had purchased in 2006.


http://www.foxnews.com/us/2018/03/25/gun-maker-remington-files-for-bankruptcy.html