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Offline HD

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Remington filing bankruptcy?
« on: February 09, 2018, 03:12:39 PM »
Remington seeks financing for bankruptcy filing

One of the biggest U.S. gun manufacturers is taking steps toward filing for bankruptcy, according to Reuters.

Remington has "reached out to banks and credit investment funds" in search of "debtor-in-possession financing” that would let the company continue operations once it went bankrupt.

Remington's sales plunged 27% in the first nine months of 2017, resulting in a $28M operating loss.
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Online Rebel SS

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Re: Remington filing bankruptcy?
« Reply #1 on: February 09, 2018, 03:16:40 PM »

      :doah:
"We are all just prisoners here, of our own device".... Glenn Frey

Offline Leech~~

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Re: Remington filing bankruptcy?
« Reply #2 on: February 09, 2018, 05:23:13 PM »
Remington seeks financing for bankruptcy filing

One of the biggest U.S. gun manufacturers is taking steps toward filing for bankruptcy, according to Reuters.

Remington has "reached out to banks and credit investment funds" in search of "debtor-in-possession financing” that would let the company continue operations once it went bankrupt.
Remington's sales plunged 27% in the first nine months of 2017, resulting in a $28M operating loss.

Sounds like their following the Government!  :scratch:
Cooking over a open fire is all fun and games until someone losses a wiener!

Online LPS

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Re: Remington filing bankruptcy?
« Reply #3 on: February 10, 2018, 06:55:39 AM »
I wondered when that "trigger" thing was going to bring them down. 

Offline HD

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Re: Remington filing bankruptcy?
« Reply #4 on: February 10, 2018, 07:57:35 AM »
I think they had some trigger problems on some hand guns. Not sure on the models.

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Online Gunner55

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Re: Remington filing bankruptcy?
« Reply #5 on: February 10, 2018, 08:09:26 AM »
Seen a pc on a issue with some rifle triggers on 60 minutes twice. I believe it was something that they'd known about for some time. Even 1 of the design team had warmed them years ago.
Life............. what happens while your making other plans. John Lennon

Offline HD

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Re: Remington filing bankruptcy?
« Reply #6 on: February 10, 2018, 08:28:58 AM »
Yup, some of the 700 models had recalls, we have 3, and one of them needed a repair. But, I heard they had issues with the hand guns to.
Mama always said, If you ain't got noth'in nice to say, don't say noth'in at all!

Offline HD

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Re: Remington filing bankruptcy?
« Reply #7 on: February 10, 2018, 09:40:46 AM »
Yup, I found it...
R51 9mm pistol

https://youtu.be/jQ65wbjq6t0
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Offline Steve-o

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Re: Remington filing bankruptcy?
« Reply #8 on: February 12, 2018, 08:43:03 AM »
Yes, they botched the R51 release when they went into full scale production.  The bugs are worked out of the design and manufacture process now, but some magazines still have feed issues.  Otherwise it is a great shooting pistol. 

I also watched the 60 minutes piece regarding the Model 700 triggers.  At the time I thought they were guilty as sin, but have since read other things that show how slanted the reporting was.  Now I don't know what to think, except to say I'm not afraid to carry a Remington 700 in the woods.

However, I think Remington's financial problems go deeper than either of these two issues.  I think they were mismanaged by the Freedom Group, the American firearms holding company who owns them and other companies like Marlin, Bushmaster, and DPMS.  (They have since changed their name to the Remington Outdoor Company.)

From a brand perspective, Remington did not have strong offerings in AR style rifles and polymer striker fired pistols, when that's what everyone was buying.  Eroded market share is hard to win back.  They were probably able to do OK as fear of a Clinton presidency drove firearms sales, but with the subsequent sales crash, they have been sucking fumes.

Its too bad because brand loyalty is one of the fun things about firearms.  The first gun I was given was a Remington 1100.  Three of the last four I've purchased are Remingtons.

I hope they find a way to survive, but when you have a parent financial holding company dead set on squeezing every penny from a company before they jettison it, prospects are bleak.  Still, it would look really bad for the holding company to loose Remington since they changed their name and everything,  But they could just as easily change their name again and continue on with their corporate raiding.

Offline beeker

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Re: Remington filing bankruptcy?
« Reply #9 on: February 12, 2018, 06:33:25 PM »
i have a 700.. have not had an issue with it and it would be what i would call my primary rifle for hunting. plan on taking it to wyoming this year if we get drawn.
If science fiction has taught me anything, it's that you can never have enough guns and ammo when the zombies come back to life... "WS"

Offline HD

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Re: Remington filing bankruptcy?
« Reply #10 on: February 12, 2018, 06:36:25 PM »
i have a 700.. have not had an issue with it and it would be what i would call my primary rifle for hunting. plan on taking it to wyoming this year if we get drawn.

BEEKER ! Yur still alive and kick'in!  Miss ya buddy!
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Online Gunner55

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Re: Remington filing bankruptcy?
« Reply #11 on: February 13, 2018, 07:36:44 AM »
X 2, it's good to see some "new" names postin. :happy1:
Life............. what happens while your making other plans. John Lennon

Offline Steve-o

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Re: Remington filing bankruptcy?
« Reply #12 on: February 13, 2018, 08:24:56 AM »
Remington Bankruptcy Reorganization/New Owners

The financial challenges faced by Remington Outdoors are well known, but an announcement by the company yesterday that it was restructuring and filing for protection under Chapter 11, according to CNN, indicates “Cerberus [the firm’s current owner] will give up that ownership once restructuring is complete … .”

https://www.americanrifleman.org/articles/2018/2/13/fear-loading-remington-bankruptcy-reorganizationnew-owners/

Hopefully the new ownership will be in position to strengthen the brand and make it viable again.  There are lots of good firearms choices out there.  I hope Remington remains one of them.

Offline beeker

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Re: Remington filing bankruptcy?
« Reply #13 on: February 13, 2018, 08:58:35 PM »
i have a 700.. have not had an issue with it and it would be what i would call my primary rifle for hunting. plan on taking it to wyoming this year if we get drawn.

BEEKER ! Yur still alive and kick'in!  Miss ya buddy!

I heard my 700 getting put down so I had to return... I see things are still as they were.. what I miss?
If science fiction has taught me anything, it's that you can never have enough guns and ammo when the zombies come back to life... "WS"

 

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