Citing decling sales, Remington goes bankrupt again

[0ddl0t]

Cliffs: Remington has declared chapter 11 bankruptcy again, hoping to reorganize its debt to keep operating while searching for a buyer. The Navajo Nation was in talks to buy Remington, but those talks recently broke down. Remington says gun sales are still about half of 2016 and that its COVID shutdowns haven't allowed it to meet current surges in demand.

https://finance.yahoo.com/news/remin...033424046.html

[LittleLebowski]

Raped by a management company.

[Stephanie B]

Raped by a management company.

Vulture capitalism at its finest.

[Zincwarrior]

I recently shot some Remington 9mm ball ammo for the first time in years. It was surprisingly accurate and nonproblemmatic.
They will be missed.

[Baldanders]

Vulture capitalism at its finest.

I'm starting to think of it as a cancer in America's economy.

Any chance the asset strippers get called out in a big way during this crisis where we need all the robust manufacturers we can get?

[Baldanders]

I recently shot some Remington 9mm ball ammo for the first time in years. It was surprisingly accurate and nonproblemmatic.
They will be missed.

Even if the company goes down the tubes, I would hope someone would buy up the ammo-making capacity of Remington given the extremely robust market for ammunition now.

I have found Rem "green box" good target fodder. Hope it doesn't go away.

[Stephanie B]

I'm starting to think of it as a cancer in America's economy.

Any chance the asset strippers get called out in a big way during this crisis where we need all the robust manufacturers we can get?

Not with Team R. The junior senator from Utah made his money as one of those pirates.

[psalms144.1]

To think that anyone making firearms, ammunition, or components is NOT making money hand over fist right now is astounding.

[farscott]

I am not fan of vulture capitalism, but there is a place for private equity to come into a distressed business and make changes that fix it for the long term. And some private equity companies do that. It appears the owners of the company formerly known as STI are going down this path. The other companies take the easier path of making money today at the expense of the long-term outlook for the business. That is who owns Remington. We saw the same thing with Colt's owners, Zilkha & Co.

[entropy]

“Team D” would have them sued into oblivion, anyone owning an 870 paying retributions, and the assembly line reconfigured to make statues of Che.

Give it a break already.