Remington Files for Bankruptcy -- From WS Journal

[SPQR70AD]

Cerberus is a dog shaped multi headed monster that guards the gates of hell. it is no accident that they picked that name for their business

 

[CaptainMal]

One of the companies they took over is Marlin.

First thing they did was screw up the quality of "real" Marlin rifles. Now that seems to be corrected but the craze for lever rifles has dropped. They are a bit complicated to operate, not long-range desirable ( not for 6.5 Creedmore) and a bit expensive to make and sell. My take is they don't really sell that well any more.

Good as a 30-30 is, this is not what many new buyers even think of buying today. Sure Marlin markets other types of rifles but the bread n butter rifle is the 336. $500 for one of them or $300 for that Savage Axis or Ruger American in 6.5 Creedmore - with scope.

 

[butchlambert]

Headquarters is in Madison, NC, 1911 type pistols and AR 15s were made in Huntsville, Al. The rest were made in Ilion, NY. They have a new factory in Kentucky.
In the old days the ammo plant was in Connecticut. It is in Lonoke, Arkansas and has been for 35yrs.

 

[TonyC]

Cerberus destroyed Remington Arms. It was never about making it successful. Business is business. The private equity firm and the investors made millions. They will sell off all of its assets next and Remington will have to start over again as a shell of a company. Who ever steps in will face a huge mountain of debt.
I just hope they have a management team who is in touch with the consumer rather then lining their pockets..

 

[CharlieNC]

Unfortunately this is an all too common story. Accountants running a business who know nothing about the business, whose only view is cost cutting in a race to the cheapest/lowest margin products. Or raiders who see a means to bilking cash flow, with bankruptcy as the defined endpoint. Unfortunately the operators on the line, who are the most affected, are doing their jobs as expected while those running the company are leading the failure while on the way to a severence package.

 

[JimT]

The financial ignorance displayed on this thread is as astounding as it is predictable.

 

[dolek]

The financial ignorance displayed on this thread is as astounding as it is predictable.

So fill everyone in if you know so much . I am always willing to learn .

 

[JimT]

I’ve commented on Remington bankruptcy threads in the past laying out numerous facts and observations, Daleboy. Look them up.

 

[antelopedundee]

FWIW they have 20% off on parts. Ends tomorrow.

 

[mike mccormick]

The damned shame of it all is, the QC on the latest products has been excellent. Thought they had really turned the corner. Corporate raiders don't care who they screw over though. In the case of those that have taken over the gun industry, they are literally using the consumers' money against them.

 

[TonyC]

Michael Milken would be so proud of how this came about. America's oldest firearm manufacturer driven to bankruptcy, so sad. Cerberus and it's crony's should be in jail.

 

[spaniel]

The financial ignorance displayed on this thread is as astounding as it is predictable.

It’s worth your time to take a pot shot at people but not so much as offer a link to your sage knowledge? Quite helpful.

 

[JimT]

It’s worth your time to take a pot shot at people but not so much as offer a link to your sage knowledge? Quite helpful.

It’s not a potshot, it’s a fact.

 

[Tommie]

Back to to original subject...

The abuse and demise of Remington is truly sad. But the old horse has been ridden to the point of death. It’s time to burn the village to save the village. The intellectual property is probably the only thing of value at Remington. I’m hoping someone buys the name and patents and starts making guns people can be proud to own. Remember how beautiful their bluing used to be? Oh and maybe produce guns with trigger guards made out of actual metal.

 

[dolek]

So fill everyone in if you know so much . I am always willing to learn .

It’s not a potshot, it’s a fact.

Proof ? Or just trolling ?

 

[JimT]

Proof ? Or just trolling ?

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

 

[butchlambert]

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

A good read.

 

[mensajd]

PE firms get better returns on their acquired firms through IPO or acquisition exits. Lenders can put guard rails on the use of loan proceeds (and/or take a security interest in firm assets) so PE firms can’t just take out loans, dividend the proceeds out, file for bankruptcy, and then walk away.

PE firms buy distressed or poorly run companies and are actually playing to make them succeed. Sometimes acquired firms fail anyway.

 

[3Ackleys]

I don't remember the number, but a large percentage of companies that file for bankruptcy end up there a second time. And a large percentage of the 2nd timers end up liquidated.

 

[jdh47]

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.