Remington Files for Bankruptcy -- From WS Journal

[biggun2869]

We're going to have to elect better legislators on both sides of the isle. It has become stylish to sue gun companies out of existence. The easiest way to protect them is to never let them end up in court on a frivolous lawsuit. Jury's are what they are and on the eastern seaboard or west coast you have a good chance of getting a tainted one.

No doubt Remington made some bad moves and the holding company did as well but that can be fixed. Once president is set in court you are on the path to armageddon.

I don't even know how many Walker triggers I own, but they're for a factory trigger, as good as it gets. I have never had a trigger go off on me inadvertanly but I do know someone who had it happen.(he had it set way too light and came in and set the gun down on the butt, it was HIS fault!!) 1st he should have cleared the gun before he ever came in contact /w/anyone else and from there the liabilety goes straight down. Give me a break people !!!!!!! We're acknowledging that there have been lapses in judgement from regular people but we are talking about a company here (with what we hope is careing people) WE HOPE

 

[hoz53]

Remington Arms Declares Bankruptcy Despite Surging Gun Demand
The firearms manufacturer has been struggling with debt since a 2018 restructuring and will seek buyers for its assets

Remington guns on display at the National Rifle Association’s annual meeting in Indianapolis last year.
Photo: bryan woolston/Reuters
By
July 27, 2020 10:26 pm ET

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Firearms maker Remington Arms Co. filed for bankruptcy protection for the second time since 2018, weighed down by more debt than it can repay even as fearful Americans buy more guns than ever.

Remington, which supplies weapons for hunting, shooting sports, law enforcement and the military, sought chapter 11 protection and will try to sell its business at a time when civil unrest and worries about personal safety have driven firearm sales to record highs.

The chapter 11 petition in the U.S. Bankruptcy Court in Decatur, Ala., marks Remington’s second restructuring since 2018, when it filed for chapter 11 and transferred ownership to investors including Franklin Resources Inc. and JPMorgan Chase & Co.

Remington has been searching for potential buyers and was in talks to sell itself out of bankruptcy to the Navajo Nation before negotiations collapsed in recent weeks, leaving the company without a lead bidder, or stalking horse, in place.


The manufacturer’s firearms and ammunition businesses could be sold off separately, according to a person familiar with the matter.

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Despite shedding roughly $775 million in debt in 2018, the company has struggled with high interest costs and has faced litigation related to the 2012 Sandy Hook Elementary School massacre, in which the killer used a Bushmaster rifle manufactured by Remington.

Meanwhile, gun-control activists have put pressure on investors and retailers to reconsider their ties to the firearms industry, particularly following the 2018 school shooting in Parkland, Fla.


The industry’s fortunes tend to rise and fall based on the country’s political climate. Under former President Obama, firearm sales grew as enthusiasts worried about potential regulations. Sales softened after President Trump took office pledging to defend gun rights.

Demand has skyrocketed again since March as measured by Federal Bureau of Investigation background checks, a proxy for sales. Background checks in June for civilians seeking licenses to carry guns were the highest since the FBI began conducting them 20 years ago.

Gun stores, which have largely stayed open during the Covid-19 pandemic, are selling to many first-time buyers worried about personal safety over the civil unrest that followed the killing of George Floyd in police custody and the ensuing movement to reduce police funding.

While many types of retail inventory have plummeted in value during the pandemic—such as apparel, fashion accessories and footwear—firearms are holding up relatively well, according to appraisal and liquidation experts.

But buoyant sales at the counter don’t immediately flow to manufacturers like Remington, which traces its roots to 1816 and makes firearms at facilities in Ilion, N.Y., and Huntsville, Ala. Some firearms companies also face supply-chain issues that have been exacerbated by the pandemic, making it difficult to ramp up production to meet growing demand.

—Alexander Gladstone and Julie Wernau contributed to this article.

Write to Andrew Scurria at Andrew.Scurria@wsj.com

And so because of all this I got a R700 new for 300 out the door a week or 2 ago. Its not a good thing for sure.

 

[spaniel]

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

So by your own link Cerebrus installed the wrong management, who lacked industry-specific experience, which had a huge negative impact on quality and led to many of the reputation issues dragging the company down...that's on Cerebrus and not Remington per se. Neither was in a good position to deal with the social and financial warts of being in the gun business post-Newtown but Cerebrus certainly didn't help the situation with additional baggage.

 

[JimT]

So by your own link Cerebrus installed the wrong management, who lacked industry-specific experience, which had a huge negative impact on quality and led to many of the reputation issues dragging the company down...that's on Cerebrus and not Remington per se. Neither was in a good position to deal with the social and financial warts of being in the gun business post-Newtown but Cerebrus certainly didn't help the situation with additional baggage.

No. Have you ever thought of becoming a paying member of this site?