Remington Filing Bankruptcy

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ParishM
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Remington Filing Bankruptcy

Post by ParishM » Tue Feb 13, 2018 10:27 am

Beleaguered gun maker Remington points to bankruptcy court


https://www.msn.com/en-us/money/compani ... smsnnews11

MADISON, N.C. — Remington, the gun maker beset by falling sales and lawsuits tied to the Sandy Hook Elementary School massacre, has reached a financing deal that would allow it to continue operating as it seeks Chapter 11 bankruptcy protection.

The maker of the Bushmaster AR-15-style rifle used in the Connecticut shooting that left 20 first-graders and six educators dead in 2012, said Monday that the agreement with lenders will reduce its debt by about $700 million and add about $145 million in new capital.

The company was cleared of any wrongdoing in the shooting, but investors repulsed by the massacres distanced themselves from the company's owner, investment firm Cerberus Capital Management. Cerberus acquired the gun maker in 2007, just when gun sales began to skyrocket.

Firearm background checks, a reliable barometer of gun sales, had risen steadily for at least a decade.

That changed last year with the election of President Donald Trump, and it has taken a toll on the gun industry.

Gun sales spike on the election of candidates who are perceived to be more likely to pursue more stringent gun control laws, whether or not there is any truth in that perception.

The opposite has occurred since Trump was elected. He became the first sitting president to address the National Rifle Association in three decades, telling members at their annual meeting last spring that "You have a true friend and champion in the White House."

Firearm background checks declined faster in 2017 than in any year since 1998, when the FBI first began compiling the data.

While Remington is not a publicly traded company, shares in rival Sturm, Ruger & Co. slid almost 3 percent Monday. It's shares have fallen almost 14 percent this year.

Remington Outdoor Co., the nation's oldest gun maker, will attempt to file a prepackaged reorganization plan with the U.S. Bankruptcy Court of Delaware under Chapter 11 of the bankruptcy code.

The company, based in Madison, North Carolina, did not respond to attempts by The Associated Press to contact the company about the timing of bankruptcy procedures.
I have enough money to last me the rest of my life, unless I buy something.

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Re: Remington Filing Bankruptcy

Post by Beck77 » Tue Feb 13, 2018 10:42 am

This has more to do with their crappy quality and terrible product development than it does with "slumping" sales. I bought a new home defense shotgun in December and it was a Mossberg. I have 3 other older Remington shotguns that are great but the current Remington quality led me to buy a Mossberg. The current owners of Remington have screwed Remington, Marlin, and some other once great companies by not focusing on quality.

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Re: Remington Filing Bankruptcy

Post by Flame Red » Tue Feb 13, 2018 12:05 pm

Libiturds jump for joy. Got to wonder if the new owners were backed by the super rich uber libitards (you know which Nazi collaborator I mean) and bought it to drive it out of business? Or maybe just the normal mismanagement incompetence. =:wvr
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Re: Remington Filing Bankruptcy

Post by photohause » Tue Feb 13, 2018 4:50 pm

Beck77 wrote:
Tue Feb 13, 2018 10:42 am
This has more to do with their crappy quality and terrible product development than it does with "slumping" sales. I bought a new home defense shotgun in December and it was a Mossberg. I have 3 other older Remington shotguns that are great but the current Remington quality led me to buy a Mossberg. The current owners of Remington have screwed Remington, Marlin, and some other once great companies by not focusing on quality.
Bingo^^
What new gun my dear, this old thing?

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Re: Remington Filing Bankruptcy

Post by TampaShooters » Tue Feb 13, 2018 4:52 pm

Flame Red wrote:
Tue Feb 13, 2018 12:05 pm
Libiturds jump for joy. Got to wonder if the new owners were backed by the super rich uber libitards (you know which Nazi collaborator I mean) and bought it to drive it out of business? Or maybe just the normal mismanagement incompetence. =:wvr
Mismanaged.
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Re: Remington Filing Bankruptcy

Post by Odessaman » Tue Feb 13, 2018 5:26 pm

Article from 2011 with a pretty good analogy to AMF's failed acquisition of Harley Davidson in the '70's.
Same story - buy out a respected, long standing company, lay off the skilled workers to cut costs and move operations to a cheaper facility, then watch the dollars swirl down the toilet, along with the company's reputation that took decades (or in the case of Marlin and Remington, over a century)to build. The article focuses on the decline of Marlin, but it all leads back to the common denominator: Cerberus / Freedom Group.

http://www.thetruthaboutguns.com/2011/0 ... -davidson/
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Re: Remington Filing Bankruptcy

Post by Augdawg » Tue Feb 13, 2018 6:38 pm

Agree, Cerberus/Freedom group has really screwed up the gun manufacturers they acquired. Bushmaster has gone down hill, same with Remington, Marlin, DPMS, Para Ordnance, etc. I will not buy anything the Cerberus/Freedom group owns. We were constantly sending their products back because of poor quality control.

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Re: Remington Filing Bankruptcy

Post by BIG JOE » Tue Feb 13, 2018 7:22 pm

Very similar to the AMF Harley Davidson acquisition. The one thing that remains to be seen is will Remington emerge from bankruptcy and thrive again as with Harley Davidson did in 1984 when Wille G Davidson and partners acquired the stock from AMF and rebuilt the company to what it is today. Of course the had some help from the late President Reagan who imposed a 50% import tariff on certain motorcycles manufactured outside of the USA.
This gave HD the time they had to have to make the iconic motorcycle company profitable again. Maybe Remington can accomplish this also. They will certainly have to sell a much better product than is being manufactured now. Only time will tell. You pour all the capital you want into a company, but if the products that they sell are not quality it just wont work.
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Remington Filing Bankruptcy

Post by dammitgriff » Tue Feb 13, 2018 10:13 pm

What I want to know is this: do inferior American-made products deserve the protectionism they petition the government for, or should they be relegated to bankruptcy and dissolution—the true free-market solution to business mismanagement and misallocation of capital?
R/Griff

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Re: Remington Filing Bankruptcy

Post by jjk308 » Wed Feb 14, 2018 8:43 am

BIG JOE wrote:
Tue Feb 13, 2018 7:22 pm
This gave HD the time they had to have to make the iconic motorcycle company profitable again.
Harley sales are down despite the recovery from the Recession. They haven't improved their technology since recovering from their near death experience and are a lot poorer cruiser bike than the competition.
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Re: Remington Filing Bankruptcy

Post by photohause » Wed Feb 14, 2018 9:33 am

and are a lot poorer cruiser bike than the competition.

^^ In your opinion

Mine...never liked the engine design...but, that's another thread
What new gun my dear, this old thing?

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Re: Remington Filing Bankruptcy

Post by revelation » Wed Feb 14, 2018 11:04 am

Flame Red wrote:
Tue Feb 13, 2018 12:05 pm
Libiturds jump for joy. Got to wonder if the new owners were backed by the super rich uber libitards (you know which Nazi collaborator I mean) and bought it to drive it out of business? Or maybe just the normal mismanagement incompetence. =:wvr
Are you talking about the Jew killer Nazi George Soros?
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Re: Remington Filing Bankruptcy

Post by Flame Red » Wed Feb 14, 2018 1:14 pm

revelation wrote:
Wed Feb 14, 2018 11:04 am
Are you talking about the Jew killer Nazi George Soros?
Image

Traitor, Globalist Libturd, destroyer of nations, and general [smilie=042.gif]
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Re: Remington Filing Bankruptcy

Post by BIG JOE » Wed Feb 14, 2018 6:29 pm

In 1984 this was true, but now HD is facing some strong competition. I think the price to own a new HD bike is way to high. I for one don't have that much disposable income and would not buy one if I did. Just as they did before they have to change to compete. Sad but true.
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Re: Remington Filing Bankruptcy

Post by dragger » Fri Feb 16, 2018 6:27 am

Everybody talks crap about AMF but if it wasn't for AMF there would be no Harley today it would be a footnote in the history books like Indian (Polaris is not Indian). AMF invested money in updating the Harley line including helping develop the cone shovel and investing towards the EVO that turned the company into what it is today.

Harley's problem now is that their customer base is aging/dying out and the prices are too high for the younger generations. Couple that with an overall market that is less interested in riding.

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Re: Remington Filing Bankruptcy

Post by Rentprop1 » Fri Feb 16, 2018 9:16 am

dragger wrote:
Fri Feb 16, 2018 6:27 am


Harley's problem now is that their customer base is aging/dying out and the prices are too high for the younger generations. Couple that with an overall market that is less interested in riding.
And when these older guys have to put the bikes up, the market will already be flooded with so many of them for resale that they'll be lucky to get half of what they got out before accessories and Chrome and all that other crap
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