Remington and bankruptcy

[Shooter13]

This is a long read but gives the best explanation I've seen, admin please delete if already posted but I haven't seen it.

How America’s Oldest Gun Maker Went Bankrupt: A Financial Engineering Mystery (Published 2019)

When a secretive private equity firm bought Remington, sales were strong and the future bright. A decade later, the company couldn’t escape its debts.

www.nytimes.com

 

[wbm]

Sad.

 

[JimT]

This is a long read but gives the best explanation I've seen, admin please delete if already posted but I haven't seen it.

How America’s Oldest Gun Maker Went Bankrupt: A Financial Engineering Mystery (Published 2019)

When a secretive private equity firm bought Remington, sales were strong and the future bright. A decade later, the company couldn’t escape its debts.

www.nytimes.com

Might want to read this one also. It’s the 3rd time I’ve posted it on this forum.

https://nymag.com/intelligencer/2016/11/a-billionaires-dreams-of-creating-a-guns-empire.html

I always LOVE how the New York Times is fake news until they publish something that more closely fits one’s preconceived notions!!!! I’m sure all the information in that article is 100% true, but what they report about Trump is all false??????

Update: How do you write an article about Remington and their financial issues and not mention the Sandy Hook litigation and the attendant legal fees? How do you write an article on Remington’s financial woes and not mention the money Remington had to borrow to buyout the pension funds after Sandy Hook?

 

[hogpatrol]

I hope for the workers' sake, the firearms part will get back up and running and they're treated better this go around.

 

[Twicepop]

Sounds like the story of the United States a little over a century ago. Before the income tax and The Federal Reserve (neither federal nor a reserve) we were the richest nation that history had ever seen.

 

[JimT]

Sounds like the story of the United States a little over a century ago. Before the income tax and The Federal Reserve (neither federal nor a reserve) we were the richest nation that history had ever seen.

Don’t forget Socialist Security and Medicare!!

 

[Tommie]

That was an excellent article. And, yes, very sad.

 

[Bill K]

My thought is this is one example of why when Government runs the people, rather than the People run the government (Politicians) everything goes to hell.

 

[jdh47]

It's basically our fault. The representatives we elected have worked on their own interests and those of lobbyists. They are running around crying about gender dysphoria and gay rights while the country is being picked apart by huge powerful business conglomerates, foreign countries and our own politicians that would sell their own family for money.

 

[urbanrifleman]

It's basically our fault. The representatives we elected have worked on their own interests and those of lobbyists. They are running around crying about gender dysphoria and gay rights while the country is being picked apart by huge powerful business conglomerates, foreign countries and our own politicians that would sell their own family for money.

The Constitution specifically prohibits exactly the infection that is foreign infiltration within our government.

But then, our government hasn't followed the Constitution since the civil war. Certainly not at all now. It is simply window dressing for the DEMOCRACY (another word for communist central control). But then, the average American has no idea what a communist is... if you ask them they will tell that communists are Russians and Chinese. Heck, man... Our children were never taught about the Bolsheviks and how they murdered 60 million Christians with nary a peep about it in the US papers at the time (who were clearly covering for the perpetrators). The Bolsheviks came from New York City. They were not Russians. They hated Russians.

Hollywood has reformed history in its own image... blinded the people to the truth.

Without firing a shot they said... It worked.

 

[SPQR70AD]

Might want to read this one also. It’s the 3rd time I’ve posted it on this forum.

https://nymag.com/intelligencer/2016/11/a-billionaires-dreams-of-creating-a-guns-empire.html

I always LOVE how the New York Times is fake news until they publish something that more closely fits one’s preconceived notions!!!! I’m sure all the information in that article is 100% true, but what they report about Trump is all false??????

I say feinberg was a POS fake phony and a fraud who surrounded himself with Rambo's so he could infiltrate gun community to gobble up the smaller companies into one big conglomerate so he could loot and destroy it as his boss soros wanted. the self chosen for 3000 years have polluted looted and destroyed all they get involved in leaving a carcass behind. then the rotten feinberg gets bailed out and I say looted billions from that handout.
If you want to see a noble decent moral man it is Dick Dyke who treated his employees like family. comes out of retirement saves the company. the total opposite of the slimy thieving repulsive feinberg

 

[JimT]

I say feinberg was a POS fake phony and a fraud who surrounded himself with Rambo's so he could infiltrate gun community to gobble up the smaller companies into one big conglomerate so he could loot and destroy it as his boss soros wanted. the self chosen for 3000 years have polluted looted and destroyed all they get involved in leaving a carcass behind. then the rotten feinberg gets bailed out and I say looted billions from that handout.
If you want to see a noble decent moral man it is Dick Dyke who treated his employees like family. comes out of retirement saves the company. the total opposite of the slimy thieving repulsive feinberg

As usual, you and I don’t agree.

 

[farmerjohn]

This is a long read but gives the best explanation I've seen, admin please delete if already posted but I haven't seen it.

How America’s Oldest Gun Maker Went Bankrupt: A Financial Engineering Mystery (Published 2019)

When a secretive private equity firm bought Remington, sales were strong and the future bright. A decade later, the company couldn’t escape its debts.

www.nytimes.com

Thanks for posting this, it was very well explained. Reminds me of what my Grandpa always said about why the good Lord put big fish and little fish in the same ocean,"so the big ones could eat the little ones" ...
John

 

[457ciSBC]

This is a long read but gives the best explanation I've seen, admin please delete if already posted but I haven't seen it.

How America’s Oldest Gun Maker Went Bankrupt: A Financial Engineering Mystery (Published 2019)

When a secretive private equity firm bought Remington, sales were strong and the future bright. A decade later, the company couldn’t escape its debts.

www.nytimes.com

Year‘s back on the interwebs there was a grad student that had a link to his Thesis that centered around to how these PE firms buy established business, run them into the ground on purpose, taking the money and running. It was really a great read.

 

[SPQR70AD]

As usual, you and I don’t agree.

I am glad we dont. so you think Dick Dyke is a bad guy and feinberg is a good guy? I will put it this way....Remington was in business for over 200 years. then feinberg appears. it was controlled demolition while looting Remington on the downfall

 

[KMart]

This is a long read but gives the best explanation I've seen, admin please delete if already posted but I haven't seen it.

How America’s Oldest Gun Maker Went Bankrupt: A Financial Engineering Mystery (Published 2019)

When a secretive private equity firm bought Remington, sales were strong and the future bright. A decade later, the company couldn’t escape its debts.

www.nytimes.com

Sorry, I can't open the link. The NYT wants me to sign in with them. Just can't make myself do it.

 

[JimT]

I am glad we dont. so you think Dick Dyke is a bad guy and feinberg is a good guy? I will put it this way....Remington was in business for over 200 years. then feinberg appears. it was controlled demolition while looting Remington on the downfall

Not familiar with “Dick Dyke.” I know some Dyke’s, but they don’t have Dicks. This is what results from a google search for Dick Dyke:

Google Search

You have no conception of how private equity operates. Did you read either of the articles? Did you fully understand them?

What exactly do you do for a living?

P.S. Most people equate the failure to properly capitalize words with laziness or lack of intelligence, I’m sure you are neither so give it the old college try in the future.

 

[Shooter13]

Sorry, I can't open the link. The NYT wants me to sign in with them. Just can't make myself do it.

I'm not signed in with them and just clicked the link and it open, sorry. Not sure what is going on.

 

[hogpatrol]

No defense of Cerberus but Remington was mismanaged long before they were sold. They missed the boat on black guns and handguns, sticking with a dwindling niche market, hunting rifles.

 

[JimT]

No defense of Cerberus but Remington was mismanaged long before they were sold. They missed the boat on black guns and handguns, sticking with a dwindling niche market, hunting rifles.

Maybe this had a little to do with it too:

“At Remington’s factory in Ilion, N.Y., employees had health care and long-term contracts thanks to the United Mine Workers of America. They were difficult to fire, and they stuck together. In some cases, multiple generations of men in the same family had worked on the line. “That union,” a former Remington executive told me disdainfully, “had them by the balls.””