Remington to declare bankruptcy

[xray 99]

Here is the first sentence:



That right there is some revisionist history.

Remington may have been an industry giant in terms of market share, etc. Product quality, the negative effects of closing plants, etc., is another story.

[Drang]

Remington may have been an industry giant in terms of market share, etc. Product quality, the negative effects of closing plants, etc., is another story.

At exactly what point in Remington's 200+ year history do you think that started?

[ragnar_d]

At exactly what point in Remington's 200+ year history do you think that started?

If I had to spitball, I'd say sometime after Dupont sold them to CD&R and the "value engineering" accelerated when Cerberus purchased them in 2007. I could be wrong though, I didn't really get into shooting until 2005-2006.

[OlongJohnson]

https://www.nytimes.com/2018/05/03/b...hapter-11.html

Remington, the Gun Maker, Is Set to Exit Bankruptcy

Remington Outdoor, one of the country’s oldest and largest gun makers, said this week that a bankruptcy judge had approved its reorganization plan, which will transfer ownership of the company to creditors including JPMorgan.

After a court hearing in Delaware on Wednesday, Remington said it expected to emerge from Chapter 11 bankruptcy proceedings by the end of the month with more than $775 million in debt wiped from its balance sheet.

Remington, which sought bankruptcy protection in March after sales fell and its debt piled up, will no longer be owned by the private equity firm Cerberus Capital Management. Instead, some of its creditors, including JPMorgan’s asset management arm, will take control.

JPMorgan and fellow Remington creditors may opt to try to sell the gun company. The bank declined to comment on the creditors’ plans.

[OlongJohnson]

Apparently, Bank of America is also involved, causing controversy based on its earlier anti-AR stance:

https://www.cnbc.com/2018/05/10/bank...remington.html

[Bart Carter]

Looks like Remington had plans for coming out of BK. They introduced some new 1911's.

[okie john]

Here is the first sentence:



That right there is some revisionist history.

Normally you'd have to go to the Soviet Union to see that level of revisionism.


Okie John

[ragnar_d]

Well Remington May have “exited bankruptcy” but it looks like they’re nowhere near out of the woods:

Employees of Remington Arms in Ilion learned today that many of them will be furloughed through most of the summer, beginning on Monday, according to a source. The announcement, which came during a company-wide meeting on Tuesday afternoon, also warned employees that another furlough could come in November, if the market doesn't pick up.

https://wibx950.com/some-remington-e...t-end-of-week/

The extent of the employment freeze at the Huntsville plant wasn't immediately clear. The spokesman said they were working to gather information about how Huntsville employees would be affected. It's also unclear how many people the plant currently employs, but the numbers have fluctuated over the years. The company's current agreement with Huntsville requires them to have 415 employees at the end of 2019. The company has missed employment targets in the past and had to rework its deal with the city.

https://whnt.com/2019/05/28/remingto...act-not-clear/

2 1/2 month furlough with the possibility of another one 2 months after . . . I’m betting they have to hire a lot of new workers. On top of having to pay Alabama and 3 of the surrounding counties back 7 figures because of missed employment obligations.


Sent from my iPhone using Tapatalk

[Alpha Sierra]

2 1/2 month furlough with the possibility of another one 2 months after . . . I’m betting they have to hire a lot of new workers.

I'm betting they won't be replacing anyone who doesn't return.

[Borderland]

Does this mean my 870 Wingmaster (1970) just increased in value?

Not that I would ever sell it, best shotgun I've ever owned and I've owned a bunch.