Remington Faces Default

[1911SHOOTER]

I think the Freedom Group is just like any other "Hostile Take Over Company",
Buy a company drain it dry and sell it to the highest bidder.
And the government will not do a damn thing about it!!
Blackie

[R51Fan2017]

I think the Freedom Group is just like any other "Hostile Take Over Company",
Buy a company drain it dry and sell it to the highest bidder.
And the government will not do a damn thing about it!!
Blackie

You're 100% right here Blackie. It's a sad thing that groups like this even exist with this mindset, but if you ask me, I think there is a tie in to Sandy Hook Elementary here somewhere. I may be way overboard and out of line here, but I think between that shooting, and now this, that Remington's downfall is a planned take down by the left wing anti gun crowd. Is the Freedom Group their instrument. You bet. And until proven otherwise, I still think it is a planned take down.

[RED HORSE]

Yep, not just the firearms companies.  There are any number of old profitable companies which have been purchased by companies driven only by bean counters and then sold for perceived profits.  The customers suffer and the accountants move on to another target.

[funflyer]

Good news. Looks like Remington found a lender who will fund them into chapter 11 so they can continue operating. I honestly hope they can restructure and pull themselves up to a level where they will gain back the trust of the people.

https://www.cbsnews.com/news/remington-set-to-file-for-bankruptcy/

[R51Fan2017]

Good news. Looks like Remington found a lender who will fund them into chapter 11 so they can continue operating. I honestly hope they can restructure and pull themselves up to a level where they will gain back the trust of the people.

https://www.cbsnews.com/news/remington-set-to-file-for-bankruptcy/

Great News! Thanks for the update!!!

[lklawson]

https://www.newsmax.com/finance/companies/gunmaker-remington-file-bankruptcy/2018/02/12/id/842889/

"Cerberus Capital Management LP, the private equity firm that controls Remington, will lose ownership of the company as a result of the bankruptcy. The company's creditors, which include Franklin Templeton Investments and JPMorgan Asset Management, will exchange their debt holdings for equity in the company.

Business operations including employee wages and benefits and payments to trade creditors will continue as usual through the bankruptcy, the company said.
[...]
Colt's Manufacturing Co LLC, a competitor of Remington, emerged from bankruptcy in 2016 following falling sales of its sports rifles and the loss of military contracts."

Peace favor your sword,
Kirk

[SCurmudgeon]

I hope the new management team knows how to run a firearms company.

[lklawson]

I hope the new management team knows how to run a firearms company.

There's a lot of speculation about what they will or won't do.  One line of speculation revolves around whether or not they'll keep the Bushmaster name.  Some believe that the name itself is toxic.

Peace favor your sword,
Kirk

[1911SHOOTER]

Freedom Group,
     Another in a long line of "hostile takeover" Companies.
Blackie

[R51Fan2017]

I hope the new management team knows how to run a firearms company.

There's a lot of speculation about what they will or won't do.  One line of speculation revolves around whether or not they'll keep the Bushmaster name.  Some believe that the name itself is toxic.

Peace favor your sword,
Kirk

It would probably be in their best interest to drop it with all the negative publicity they have received. Right now though it is only speculation.

[SCurmudgeon]

Remington Outdoors Company includes Bushmaster, DPMS, Remington and Marlin.  And Remington Outdoors is in turn owned by Cerberus Capital Management.

I just assumed that when Remington was filing for Chapter 11, that it was because Remington "Firearms" was hurting.  I hadn't thought to consider what portion of Remington Outdoors' financial problems belongs to Bushmaster, DPMS, or Marlin.

Cerberus will give up that ownership once restructuring is complete.  It will be interesting to see what happens to all 4 brands.

[scouts owner]

The operating style of private equity is to put down the minimum to secure financing then upon assuming control sell enough assets to get the "bait" back. From then on you are operating on other peoples money. If it works out great if not you have only lost the time. Private equity generally puts in place a 30/35 year old MBA, who has been promised riches if he can put together several profitable quarters so the business can be taken public at a profit. Hence there is no concern whatsoever for the product or the company only its potential to generate cash. As soulless a process as has been devised to date.