Remington teetering on edge of bankruptcy

[LittleLebowski]

I know their QC has sucked as of late (however, JV_ got a brand new Remmy rifle & it’s a shooter), but I really think this is poor planning on their part regarding a Republican actually winning the Presidency.

http://www.philly.com/philly/blogs/inq-phillydeals/gunmaker-remington-faces-default-as-americans-buy-fewer-firearms-20171117.html


Remington Outdoor, the second-largest U.S. gunmaker has suffered a “rapid” and “sharp” deterioration in sales and a similar drop in profits since January, and faces “continued*softness in consumer*demand for firearms,” credit analysts at Standard & Poor’s Global Ratings said in a report Friday.

S&P as a result has cut the company’s corporate credit rating — already at a junk-bond-level CCC+ — two full notches, to CCC-, a move likely to make the company’s high-yield debt less attractive to investors and lenders, and force Remington to pay more in interest. The company could face a change in control, bankruptcy, or default on its debt by next year.

[fatdog]

I fear Colt and Remington will someday join Winchester, as a great American brand that could not sustain the stupidity of their private equity ownership, and just a very few of their products and name live on with a stable company who bought the rights at a fire sale.

[JV_]

JV_ got a brand new Remmy rifle & it’s a shooter)

It is a great gun. 5 shot groups @ 100Y < .5" CTC. Optimal charge windows that are almost 1 grain wide. The barrel isn't a copper magnet and cleans up quickly.

My only grip is the trigger, but I have something coming to fix that.

[fixer]

Everyone likes an 870 but lord there are already like 3 870s in everyone's closet. Hard to justify a 4th.

They really need to branch out a bit.

[Peally]

700s and 870s are still wonky, and they're the geniuses that brought us the R51 self-detonating pistol. Not surprised.

[Qaz98]

I think I had an old post about what was wrong with Remington and Colt - two iconic companies that failed to recognize the transition to the polymer, self-defense market. Well, Remington did have the R51, but pooched that roll out - and I don't think the RP9 is much better, by report. It's sad - they'll likely be bought out, and hopefully someone can revive their quality and name.

I also wonder how hard it is to recruit talent and enthusiasts, when you're based out of NY and CT. In my moving to MA thread, everyone is saying not to do it - so you have to wonder, how do you keep and retain high quality personnel, who can't even own and use the weapons they are making!

[Kyle Reese]

Oh well. I had a few 870 s that were total and absolute dogs, but my 1991 and 1995 manufacture 870 s are clearly manufactured to higher standards.

Remington needs to really step up its QC game if it wants to be competitive in the 21st Century.

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[Mr. Goodtimes]

Remington could easily save them selves by releasing their full MPD product line to the civilian market at affordable prices and by cleaning up their quality control. Aside from quality control issues, I’d wager the 700 is still the best bolt gun on the market.


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[blues]

The marketplace is a harsh mistress. Economic Darwinism at work. He who produces and markets the right widget(s) lives to compete another day.

[HCM]

I think I had an old post about what was wrong with Remington and Colt - two iconic companies that failed to recognize the transition to the polymer, self-defense market. Well, Remington did have the R51, but pooched that roll out - and I don't think the RP9 is much better, by report. It's sad - they'll likely be bought out, and hopefully someone can revive their quality and name.

I also wonder how hard it is to recruit talent and enthusiasts, when you're based out of NY and CT. In my moving to MA thread, everyone is saying not to do it - so you have to wonder, how do you keep and retain high quality personnel, who can't even own and use the weapons they are making!

Remington has never been a force in the pistol market and they have moved a significant amount of their production to Alabama. The big issues here are the private equity owners trying to suck every ounce of profit out at any cost and the corresponding decline in Remington Quality, even among the higher end gun lines.

Remington also has "Fudd" issues or "Bill Ruger-itis" they have dumped. A ton of money into developing small arms projects for military sales but refuse to sell those Remington defense products on the civilian market.

[TicTacticalTimmy]

Personally I don't see this as bad news.

Remington has had Taurus level QC with Ruger prices, the fact that this combination is leading to bankruptcy shows that gun owners are a well-informed and discriminating market. This in turn will serve as a reminder to the industry to value QC over cost-cutting.

I don't own any of the modern "Winchester" or "Browning" guns, but from everything I've heard FN is doing a great job of producing quality products that maintain a respect for the brand.

Likewise I'd love to see an established gun company (or a few) do the same with Remington/Marlin/Colt's traditional product line.
A quality company like Ruger or Henry or even Uberti producing R51s, 45-70 leverguns, and licensed 1873's would be great.

Also I don't get why people like the Rem700? High bolt lift, need a skilled Smith to change barrels, $300 fitted parts to take AICS mags... and that's to say nothing of the issues with the safety. I don't understand why anyone would buy one save for nostalgia.

[UNK]

Agreed. I'd be interested in a Remington defense shotgun.

[JV_]

$300 fitted parts to take AICS magsTry $200 (with a mag). And if your stock is already inlet for a Badger M5, it drops right in.

[hufnagel]

so what does this mean for people hoping for the ammo rebates on the buckets?

[Lester Polfus]

I've always thought one of the problems that Winchester had, particularly when it came to the Model 94, was the six or seven million Model 94's that had already been sold. It used to be that every used gun store I walked into had a used, post '64 Model 94 for $300ish dollars.

I don't go to gun stores with used inventory very much these days, because it's such a long drive, but when I do, there's usually a smattering of 870's both Express and Wingmaster, and garden variety Model 700's in the usual suspect line of calibers. Last time I went shopping for a lever gun, I held a nice old Wingmaster in my hands that I had no use for, but was tempted to buy anyway just because it was nice.

It seems l like they've been making so many of these guns for so long, they're starting compete against their own used products. If I wanted a Wingmaster, or a wood stocked 700 in 308/'06 /270/etc, there's no way in hell I'd buy new.

[Jared]

I've always thought one of the problems that Winchester had, particularly when it came to the Model 94, was the six or seven million Model 94's that had already been sold. It used to be that every used gun store I walked into had a used, post '64 Model 94 for $300ish dollars.

I don't go to gun stores with used inventory very much these days, because it's such a long drive, but when I do, there's usually a smattering of 870's both Express and Wingmaster, and garden variety Model 700's in the usual suspect line of calibers. Last time I went shopping for a lever gun, I held a nice old Wingmaster in my hands that I had no use for, but was tempted to buy anyway just because it was nice.

It seems l like they've been making so many of these guns for so long, they're starting compete against their own used products. If I wanted a Wingmaster, or a wood stocked 700 in 308/'06 /270/etc, there's no way in hell I'd buy new.

Yes, this is exactly part of it. I bought two 870's and an 1100 in the last couple of years from the days when Remington built them right for far less than a new Wingmaster would cost (450 on the 1100 and 300 each on the pump guns to be exact). The new guns....they just don't build them like they used to.

[Bratch]

so what does this mean for people hoping for the ammo rebates on the buckets?

I wouldn't dither in submitting them, I'm waiting on mine to be delivered so I can submit.

[TCB]

Another company who failed to realize that the market was going to totally change after the election.

[Screwball]

Everyone likes an 870 but lord there are already like 3 870s in everyone's closet. Hard to justify a 4th.

They really need to branch out a bit.

For me, it was two 11-87s and a 870 Police... it was easy to justify a TAC-14. [emoji41] That 14” barrel pretty much screams “buy me!” I’m a Remington guy because I really don’t like Mossberg controls, and Ithaca isn’t putting out guns I’d want.

I completely agree with the last sentence. But branch out in a positive way. Don’t build a 1911, then half-ass it. Don’t build a carry gun that is based off one of your company’s historic designs, and have to recall them all prior to a redesign. But most importantly, don’t screw up a niche that you have had the majority for years because you can’t put out a working shotgun/rifle. The QC problems may be overblown, but it isn’t what it was. While my TAC-14 is good to go, I had to look it over prior to walking away with it. You shouldn’t have customers that have used your shotguns for years (11-87, since I was 14) questioning your new products...

[pangloss]

For some years now, Remington has failed to do well what they've historically done well, and most new products have flopped. I saw a flyer last week, can't remember from where, with RP9s for just under $200. This pistol has been out, for what, a year? Right now Bud's has them for $212 after rebate and they ship free. Prices that low can't leave much profit margin. Aside from the TAC-14, I can't remember the last new product that Remington rolled out that I really wanted to buy. And I don't even want the TAC-14 enough to actually buy one. Hopefully the current owners will sell the company to some one who can clean up the mess.

[GardoneVT]

Had Remington called the Gen 1 R51 recall a "Voluntary Upgrade", its likely they wouldn't be in this pickle.

While they've made some mistakes- so have other companies . The difference is marketing.

[TicTacticalTimmy]

Had Remington called the Gen 1 R51 recall a "Voluntary Upgrade", its likely they wouldn't be in this pickle.

While they've made some mistakes- so have other companies . The difference is marketing.

Gotta disagree with you.

The SIGs you are referring to had a defective drop safety, whereas the R51s had a defective EVERYTHING, plus poor durability. A recall was what was needed and I for one appreciate their doing so.

What I and many others don't appreciate is that the new R51 is still riddled with issues (albeit less of them), to the degree I would have more faith in a Taurus PT111.

Also, based on my limited Sig experience, they corrected the QC issues that cropped up when they moved to the USA. Sure, they might not be quite at the level they were when made in Germany, but then again the prices are also lower.

Remington, by contrast, still has tons of issues throughout most or all of their product lines.

[5pins]

For some years now, Remington has failed to do well what they've historically done well, and most new products have flopped. I saw a flyer last week, can't remember from where, with RP9s for just under $200. This pistol has been out, for what, a year? Right now Bud's has them for $212 after rebate and they ship free. Prices that low can't leave much profit margin. Aside from the TAC-14, I can't remember the last new product that Remington rolled out that I really wanted to buy. And I don't even want the TAC-14 enough to actually buy one. Hopefully the current owners will sell the company to some one who can clean up the mess.

I was PSA. They are out of stock now. Too bad, I could have bought one and then added it to the guns I regret thread.

[SamAdams]

I’m probably part of Remington’s ‘problem’. I have quite a few Remington rifles & shotguns. Also several Marlin lever guns. They’re all older guns. Not one is of recent manufacture. I checked out some of their new product a few years ago and was Not impressed by the quality of manufacture. So, I stick to the older stuff.


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[LSP552]

It’s OK to have a bargain line (Express) and a premium line, such as the Wingmaster, but Rem couldn’t help trashing the high end line stuff. Not everyone wants a cheap Walmart gun.

[SamAdams]

If you take a look at the stock charts for Ruger and American Outdoor Brands (S&W) it’s real apparent how terrific Obama and HRC were for gun sales.
Given the tough environment for manufacturers in the U.S., a middle class under financial pressure, less people hunting, and a lessening of the anti-2A fear factor- - management of big gun companies likely have to be absolutely brilliant to survive today.


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[OlongJohnson]

I’m probably part of Remington’s ‘problem’. I have quite a few Remington rifles & shotguns. Also several Marlin lever guns. They’re all older guns. Not one is of recent manufacture. I checked out some of their new product a few years ago and was Not impressed by the quality of manufacture. So, I stick to the older stuff.

You're a symptom. Remington is the cause of Remington's problem.

[hufnagel]

I wouldn't dither in submitting them, I'm waiting on mine to be delivered so I can submit.

agreed. luckily (I guess) I didn't buy any of the buckets 'o bullets, as I've not had good experiences with remington branded ammo.

[OlongJohnson]

I picked up 3 buckets of 9mm. I’ve shot 350 rounds of UMC through a variety of pistols with decent accuracy and no issues, including the Sig that chokes on WWB. It leaves some black soot on the gun, but for the after-rebate price, I can wipe it down.

[LittleLebowski]

Another company who failed to realize that the market was going to totally change after the election.

Yup.

[ranger]

I think Remington is an example of a company that is run by bean counters. The bean counters only care about making money and will run the company into the ground in the search of profit at all costs. If business is bad, they will cut corners to eke out any profit they can and it does not matter if they ruin the company.

[DocGKR]

"The bean counters only care about making money and will run the company into the ground in the search of profit at all costs."

Well said.

[Qaz98]

I think Remington is an example of a company that is run by bean counters. The bean counters only care about making money and will run the company into the ground in the search of profit at all costs. If business is bad, they will cut corners to eke out any profit they can and it does not matter if they ruin the company.

I'm sure hiring the ex-CEO of Taurus doesn't inspire confidence that Remington is going to be focusing on high end, high quality pieces anytime soon.

https://www.remington.com/news/2017/remington-outdoor-company-appoints-anthony-acitelli-chief-executive-officer

[blues]

I'm sure hiring the ex-CEO of Taurus doesn't inspire confidence that Remington is going to be focusing on high end, high quality pieces anytime soon.

https://www.remington.com/news/2017/remington-outdoor-company-appoints-anthony-acitelli-chief-executive-officer

What a load of bull...

[hufnagel]

Maybe he'll grab the company by the horns?

[OlongJohnson]

I think Remington is an example of a company that is run by bean counters. The bean counters only care about making money and will run the company into the ground in the search of profit at all costs. If business is bad, they will cut corners to eke out any profit they can and it does not matter if they ruin the company.

It's really a matter of taking a short-term vs. a long-term view.

Toyota is very cost conscious, and that's why they are very good at making excellent quality products that people desire at affordable prices, and over the past 50 years have become the largest automaker in the world. They understand that quality problems are immensely costly, and that many of the costs are literally incalculable and unknowable with any precision. Their emphasis on cost reduction is relentless.

The short term approach looks at cost only as far as invoice plus freight. Through a combination of wishful thinking and laziness, this approach seeks to sweep the costs of poor quality under a rug and ignore them, which is possible because they don't come home to roost on the books in the same quarter as the sales that they flow out the door with.

Both approaches are driven by counting beans. The differences are in which beans and how thoroughly they are counted.

[ranger]

I am an engineer by education with experience in heavy industry. Corporate leaders must be value and profit oriented. However, some time in the past - the role of the senior corporate leaders changed. To be a leader in the automotive industry - you once had to know something about cars and the car business. Same with airlines. Same with the firearms business. Then the model changed - you just had to know how to make money - if you were good at making money then you did not need to know anything about the core business you were leading. That is the problem with many industries now including the firearms industry in general. There are exceptions - usually smaller maybe niche companies - that focus more on the quality and functionality of the products but they are few and far between.

[LSP552]

I am an engineer by education with experience in heavy industry. Corporate leaders must be value and profit oriented. However, some time in the past - the role of the senior corporate leaders changed. To be a leader in the automotive industry - you once had to know something about cars and the car business. Same with airlines. Same with the firearms business. Then the model changed - you just had to know how to make money - if you were good at making money then you did not need to know anything about the core business you were leading. That is the problem with many industries now including the firearms industry in general. There are exceptions - usually smaller maybe niche companies - that focus more on the quality and functionality of the products but they are few and far between.

This leads to a short-term focus on profits and not strategic posturing the core business for long-term success.

[deputyG23]

I hope they manage to turn things around. We need to send someone to 870 armorer’s field school next year. Hope it will be me that gets to go.

[Stephanie B]

I'm sure hiring the ex-CEO of Taurus doesn't inspire confidence that Remington is going to be focusing on high end, high quality pieces anytime soon.

https://www.remington.com/news/2017/remington-outdoor-company-appoints-anthony-acitelli-chief-executive-officer

Man, the snark almost writes itself.

[TicTacticalTimmy]

Man, the snark almost writes itself.

Remington is hoping 2018 will bring a Bull Market!

[fixer]

It's really a matter of taking a short-term vs. a long-term view.

Toyota is very cost conscious, and that's why they are very good at making excellent quality products that people desire at affordable prices, and over the past 50 years have become the largest automaker in the world. They understand that quality problems are immensely costly, and that many of the costs are literally incalculable and unknowable with any precision. Their emphasis on cost reduction is relentless.

The short term approach looks at cost only as far as invoice plus freight. Through a combination of wishful thinking and laziness, this approach seeks to sweep the costs of poor quality under a rug and ignore them, which is possible because they don't come home to roost on the books in the same quarter as the sales that they flow out the door with.

Both approaches are driven by counting beans. The differences are in which beans and how thoroughly they are counted.

Correct and good point to bring up. You can be focused on cost-cutting for the sake of it. Or you can have a long term view that making operations more efficient saves customers cost and the savings can be re-invested in other value add activities.

[fixer]

I'm sure hiring the ex-CEO of Taurus doesn't inspire confidence that Remington is going to be focusing on high end, high quality pieces anytime soon.

https://www.remington.com/news/2017/remington-outdoor-company-appoints-anthony-acitelli-chief-executive-officer

Oh the memes are just simply agonizing here.

I'm sure Ron Cohen was in the running too.

Diamond plate and rainbow finish 870s would sell themselves.

[mmc45414]

I know we tend to focus on products, but they have nearly a billion in debt that is coming due. Probably wouldn't matter how good the 870 is, their debt exceeds (I think) their annual revenue, and they have to find somebody to take over that debt. In a down market. But bankruptcy is probably a threat they are using to get whoever is carrying it now to not call it in.

[fatdog]

their debt exceeds (I think) their annual revenue

Yup, PE crowd loaded them up with a fatal dose it appears http://www.foxbusiness.com/markets/2017/11/30/is-this-major-gun-maker-about-to-go-bankrupt.html

[OlongJohnson]

The same people who were at the controls when Chrysler went bankrupt.

[Lester Polfus]

A billion dollars?

How many detachable magazine 870's do you have to sell to get out of a billion dollar hole?

Honestly, I have zero f's in my bag for Remington. I'd to see Marlin go down with them though. Henry makes some pretty lever guns, but they just can't wrap their head around a damn loading port, which leaves Marlin.

[mmc45414]

Yup, PE crowd loaded them up with a fatal dose it appears

The same people who were at the controls when Chrysler went bankrupt.

A billion dollars? How many detachable magazine 870's do you have to sell to get out of a billion dollar hole?
"Today, debt on the company's books has ballooned to almost $1 billion, the result of a failed IPO bid in 2011 and outrage over the Sandy Hook shootings a year later."
It just seems like people borrow and borrow to kick the can down the road, figuring they will hit a home run on an IPO someday. I have nothing against Remington and would hate for something bad to happen, but I sure wouldn't want my retirement funds to be invested in a company with that much debt. Knowing my luck I will open the next statement and find out that... :)

[pangloss]

Here's the latest on Remington trying to stay in business:
https://www.reuters.com/article/us-remingtonoutdoor-debtrestructuring-ex/exclusive-u-s-gunmaker-remington-turns-to-debt-restructuring-advisors-sources-idUSKBN1FF2B6

[RevolverRob]

This is looking a lot like Colt's bankruptcy.

I expect the next step will be to leverage out another $250 million in bonds. Then during bankruptcy they will shed the $500 million owed to bond holders, and skip out on almost everything else, like Colt did. Leaving the bond holders, holding the bag.

[Shotgun]

I suppose Trump hurt their gun sales. Obama was one of the best gun salesmen ever.

[Eastex]

I’m glad I wasn’t blessed with the kind of intelligence that understands how going that far into debt is ever a good idea. I’ll just plug along sticking back what I can and doing my best to stay in the black.


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[JV_]

It is a great gun. 5 shot groups @ 100Y < .5" CTC. Optimal charge windows that are almost 1 grain wide.

Trying out a new load today, 185 Juggs. This was just working on charge weights, I'll get to seating depth next.

Currently, the bullet jump can be measured with ruler you'd find in a kindergarten classroom.

Factory barreled action in a Grayboe stock.

All are under .5" again.

23470

[fatdog]

Looks like the Chapter 11 wheels are in motion.

"Remington’s sales plunged 27 percent in the first nine months of 2017, resulting in a $28 million operating loss." Wow...

https://www.reuters.com/article/us-remingtonoutdoor-bankruptcy-exclusive/exclusive-u-s-gunmaker-remington-seeks-financing-to-file-for-bankruptcy-sources-idUSKBN1FT04C

[farscott]

Chapter 11 filing announced with a note about Cerberus's lack of a future role in the business: https://www.marketwatch.com/story/gunmaker-remington-to-file-for-bankruptcy-2018-02-13


U.S. firearm manufacturer, Remington Outdoor Company, said it will file for Chapter 11 bankruptcy protection, but stay in business throughout the process. "Difficult industry conditions make today's agreement prudent," said Jim Geisler, Remington's executive chairman, in a statement released by the company on Monday. The company has been dogged by falling sales after one of its rifles was used in the Sandy Hook Elementary School massacre of 2012. The restructuring will help the company to cut its debt by around $700 million and inject $145 million in new capital into its different units. Remington said its business operations will not be affected by the restructuring. Remington is owned by Cerberus Capital Management, but CNN reported that once the restructuring process is over, the private equity firm will no longer own the company. Remington could not immediately be reached to comment on its relationship with Cerebus [sic] in future.

https://www.prnewswire.com/news-releases/remington-outdoor-company-announces-restructuring-support-agreement-with-creditors-for-a-comprehensive-financial-restructuring-and-145-million-of-new-capital-300596970.html


Remington Outdoor Company ("Remington" or "the Company") today announced that it has reached a Restructuring Support Agreement ("RSA") with creditors holding a majority of the FGI Operating Company, LLC ("FGI OpCo") Term Loans due in 2019 and 7.875% Senior Secured Notes due in 2020 (the "Third Lien Notes") (collectively, the "Consenting Creditors"). The RSA provides for the reduction of approximately $700 million of Remington's consolidated outstanding indebtedness and the contribution of $145 million of new capital into Remington's operating subsidiaries, markedly strengthening the Company's consolidated liquidity, balance sheet, and long-term competitiveness.

The RSA, subject to certain conditions, represents the commitment of the Company and Consenting Creditors to support a comprehensive restructuring of Remington's existing funded indebtedness. The balance sheet restructuring will be effectuated through a pre-packaged joint plan of reorganization to be filed in the United States Bankruptcy Court for the District of Delaware in connection with the Company's filing of voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code.

Remington's business operations will continue to operate in the normal course and will not be disrupted by the restructuring process. Payments to trade partners, employee wages and other benefits, support for customers, and an ongoing high level of service to consumers will continue without interruption.

[OlongJohnson]

Chapter 11 filing announced with a note about Cerberus's lack of a future role in the business: https://www.marketwatch.com/story/gunmaker-remington-to-file-for-bankruptcy-2018-02-13

[QUOTE]U.S. firearm manufacturer, Remington Outdoor Company, said it will file for Chapter 11 bankruptcy protection, but stay in business throughout the process. "Difficult industry conditions make today's agreement prudent," said Jim Geisler, Remington's executive chairman, in a statement released by the company on Monday. The company has been dogged by falling sales after one of its rifles was used in the Sandy Hook Elementary School massacre of 2012. The restructuring will help the company to cut its debt by around $700 million and inject $145 million in new capital into its different units. Remington said its business operations will not be affected by the restructuring. Remington is owned by Cerberus Capital Management, but CNN reported that once the restructuring process is over, the private equity firm will no longer own the company. Remington could not immediately be reached to comment on its relationship with Cerebus [sic] in future.

Saw that movie ten years ago.


The company has been dogged by falling sales after one of its rifles was used in the Sandy Hook Elementary School massacre of 2012.

And every other company in the industry (except maybe Colt) seems to have had the best four years EVAR as a direct result of what unfolded around that event. Maybe the problem is building a lot of poor quality product.

[RoyGBiv]

And every other company in the industry (except maybe Colt) seems to have had the best four years EVAR as a direct result of what unfolded around that event. Maybe the problem is building a lot of poor quality product.
Maybe the problem is not owning up to making a rifle that fires without the trigger being pulled, resulting in people dying, and hiding the truth for 20 years.
https://www.cnbc.com/2015/12/08/remington-under-fire-the-reckoning.html

Fuck Remington. My sympathies to their affected employees.

[LSP552]

[QUOTE=farscott;709215]Chapter 11 filing announced with a note about Cerberus's lack of a future role in the business: https://www.marketwatch.com/story/gunmaker-remington-to-file-for-bankruptcy-2018-02-13



Saw that movie ten years ago.



And every other company in the industry (except maybe Colt) seems to have had the best four years EVAR as a direct result of what unfolded around that event. Maybe the problem is building a lot of poor quality product.

There have been sooo many bad management decisions at Remington in the last several years. Hard to say how much can be attributed to Cerberus and how much to internal management.

I hope they get their head out of their ass and start improving their quality control, especially in their premium core products.

[farscott]

[QUOTE=farscott;709215]Chapter 11 filing announced with a note about Cerberus's lack of a future role in the business: https://www.marketwatch.com/story/gunmaker-remington-to-file-for-bankruptcy-2018-02-13



Saw that movie ten years ago.



And every other company in the industry (except maybe Colt) seems to have had the best four years EVAR as a direct result of what unfolded around that event. Maybe the problem is building a lot of poor quality product.

I believe the main issues are the following:

1) Until recently (TAC-14), some really bad new product introductions (105CTi, R51, etc).
2) $950 million in debt, some of which was added by the private equity owner to purchase the business and extract funds.

[LockedBreech]

It took handling my ~2012 production Remington 870 next to my grandpa's old 1960s/1970s patrol duty Wingmaster to understand just how far this company fell.

Had nothing to do with politics or market trends. If you cut enough corners on your product people stop forgiving you.

[Hambo]

When you take a company with a debt of $250 million and add $700 million more to that in ten years, you're not trying to do anything but squeeze it for cash.

[hufnagel]

That sounds like a scam.

[RevolverRob]

That sounds like a scam.

That's exactly what it is. In essence what happened to Remington is what happened to Colt and what happened to Simmons (mattresses) - http://www.nytimes.com/2009/10/05/business/economy/05simmons.html

In effect what has happened to Remington is a Leveraged Buyout (LBO) scam. https://en.wikipedia.org/wiki/Leveraged_buyout - This is a phenomena that has existing since the 1980s, but does not yet have an appropriate name, because the Private Equity Firms that perform LBOs argue they have no intention of driving a company bankrupt and selling it. It's exactly what they are doing, but proving it, is difficult. Maybe we can call these "Predatory LBOs".

[LittleLebowski]

It is a great gun. 5 shot groups @ 100Y < .5" CTC. Optimal charge windows that are almost 1 grain wide. The barrel isn't a copper magnet and cleans up quickly.

My only grip is the trigger, but I have something coming to fix that.

I don’t have mine (new 700 .308) dialed into the level that JV_ is at regarding his handloads and his shooting ability, but I am getting 10 shot groups like this.

[SecondsCount]

It took handling my ~2012 production Remington 870 next to my grandpa's old 1960s/1970s patrol duty Wingmaster to understand just how far this company fell.

Had nothing to do with politics or market trends. If you cut enough corners on your product people stop forgiving you.

This is a fantastic point.

It was once a battle between Remington and Winchester, then Savage entered the game and chased them both to the bottom. Now you have excellent rifles from Tikka and Bergera, and Ruger has entered the game with a feature rich precision rifle as well as the American.

I love me a Remington just because that is what I started on but my next rifle probably won't be coming from them. There QC hit rock bottom a few years ago and while the stuff I have seen lately shows sign of improvement, a Bergera would be a better option as it will sit in a Remington pattern stock.

[TiroFijo]

That's exactly what it is. In essence what happened to Remington is what happened to Colt and what happened to Simmons (mattresses) - http://www.nytimes.com/2009/10/05/business/economy/05simmons.html

In effect what has happened to Remington is a Leveraged Buyout (LBO) scam. https://en.wikipedia.org/wiki/Leveraged_buyout - This is a phenomena that has existing since the 1980s, but does not yet have an appropriate name, because the Private Equity Firms that perform LBOs argue they have no intention of driving a company bankrupt and selling it. It's exactly what they are doing, but proving it, is difficult. Maybe we can call these "Predatory LBOs".

Something like this:

https://www.movieposter.com/posters/archive/main/105/MPW-52625

[Shotgun]

Remington has filed for bankruptcy. Largest creditors are going to get stock in exchange for debt forgiveness.

[Artemas2]

Already seeing cleverly worded "news" about how the march on Saturday was responsible.

[Peally]

Already seeing cleverly worded "news" about how the march on Saturday was responsible.

Love it. They've been going under for decades but no, it was the mentally retarded protesting kiddies over the weekend that did it through the magic of their feelings somehow.

[Coyotesfan97]

Already seeing cleverly worded "news" about how the march on Saturday was responsible.

Don’t forget Sandy Hook and Trump. I’ve seen that too

[LittleLebowski]

Shanked one, but again my 700 seems to shoot alright. Ten shots at 100. Aftermarket stock and trigger are the only mods.

[SecondsCount]

Shanked one, but again my 700 seems to shoot alright. Ten shots at 100. Aftermarket stock and trigger are the only mods.

That's a good enough group to stay competitive in a lot of scenarios except the high precision stuff like benchrest. All of my Remingtons shoot under an inch but I have seen some exceptions.

Last year a friend bought a 783 in 223 on a rebate and it shot great, under 1 MOA which is good for a $250 rifle, so I decided to get one. With several different loads, from 55-69 grain, it keyholed at 100 yards. Remington issued a call tag and I returned it. They called me after checking it out and said that they were replacing the entire rifle but didn't say why. The new rifle shoots great with groups well under MOA.

You would think that after being in business for 200 years they would know how to ship a quality rifle the first time.