A real shame!
http://www.philly.com/philly/blogs/inq-phillydeals/gunmaker-remington-faces-default-as-americans-buy-fewer-firearms-20171117.html (http://www.philly.com/philly/blogs/inq-phillydeals/gunmaker-remington-faces-default-as-americans-buy-fewer-firearms-20171117.html)
Hate to see a great American gun company going through this. But it just isn't limited to Remington only. Smith and Wesson isn't doing so hot either.
I noticed that about 5 years ago, Remington's reloading products, such as primers and such took a sharp up-turn in price.
I think that made the brand unpopular with handloaders and has contributed to their troubles today,
Remington is owned by the Freedom Group, they may save the brands for a while, but profits are more important than product quality IMO.
Quote from: DUTCH Van Atlanta on November 24, 2017, 07:19:32 PM
A real shame!
http://www.philly.com/philly/blogs/inq-phillydeals/gunmaker-remington-faces-default-as-americans-buy-fewer-firearms-20171117.html (http://www.philly.com/philly/blogs/inq-phillydeals/gunmaker-remington-faces-default-as-americans-buy-fewer-firearms-20171117.html)
So Dutch,
Are we suddenly endowed with a bunch of collecters items?
Blackie
One of my favorite LGS's recently dropped Big Green because of their pricing policies.
Blackie
Quote from: 1911SHOOTER on January 09, 2018, 11:34:50 PM
One of my favorite LGS's recently dropped Big Green because of their pricing policies.
Blackie
"LGS" ?
Can't be sure but this sure smells like the beginning of the end for the big green machine.
https://www.reuters.com/article/us-remingtonoutdoor-bankruptcy-exclusive/exclusive-u-s-gunmaker-remington-seeks-financing-to-file-for-bankruptcy-sources-idUSKBN1FT04C
Quote from: funflyer on February 09, 2018, 03:06:34 PM
Can't be sure but this sure smells like the beginning of the end for the big green machine.
https://www.reuters.com/article/us-remingtonoutdoor-bankruptcy-exclusive/exclusive-u-s-gunmaker-remington-seeks-financing-to-file-for-bankruptcy-sources-idUSKBN1FT04C
Oh boy. This ain't good at all. I wonder what will happen to gun production. Will it cease entirely, or will it continue under someone else's roof? Or will Remington be re-structured and things continue as they are now? I think I need to get another R51 before it's too late!
So much for the lifetime warranty.
Quote from: R51Fan2017 on February 09, 2018, 03:29:32 PM
Oh boy. This ain't good at all. I wonder what will happen to gun production. Will it cease entirely, or will it continue under someone else's roof? Or will Remington be re-structured and things continue as they are now? I think I need to get another R51 before it's too late!
The way I understand it, and I'm not by any means an expert, is that if Remington doesn't find a sucker to fund them into bankruptcy, their assets will be liquidated to cover their debt, This means their operations will cease. Those who have any guns in for repair better hope to get them back before any of this happens or they may become assets. If the bankruptcy does get funded then those guns could be tied up for years. :'(
I look on the bright side, think of all the dirt cheap R51 parts that will show up on Ebay ;D
Quote from: funflyer on February 09, 2018, 04:40:25 PM
Those who have any guns in for repair better hope to get them back before any of this happens or they may become assets. If the bankruptcy does get funded then those guns could be tied up for years. :'(
Pardon my Spanish, but that would really suck wouldn't it? Loose your gun because it's an asset? This is a horrific ending for a great American gun maker. :'(
The way they have handled the R51 release and re-release and the absolute lack of any meaningful customer service, quite frankly they need to go bankrupt and start over.
Quote from: RED HORSE on February 09, 2018, 07:46:26 PM
The way they have handled the R51 release and re-release and the absolute lack of any meaningful customer service, quite frankly they need to go bankrupt and start over.
And now you see what happens when the Freedom Group gets a hold of a company. That, and this whole boat load of s*** about the school shooting and the guy using a Remington rifle. Good grief, like they had a lot of control over their rifle being used in a crime. In a way, I agree with you Red Horse, as I know we have all experienced their customer service trying to get this sorted out (or lack of). I just can't help but feel sorry for them.
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
Quote from: 1911SHOOTER on February 09, 2018, 10:33:13 PM
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.
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.
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/
Quote from: funflyer on February 12, 2018, 06:34:00 PM
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!!!
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
I hope the new management team knows how to run a firearms company.
Quote from: SCurmudgeon on February 13, 2018, 09:21:10 AM
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
Freedom Group,
Another in a long line of "hostile takeover" Companies.
Blackie
Quote from: lklawson on February 13, 2018, 10:35:25 AM
Quote from: SCurmudgeon on February 13, 2018, 09:21:10 AM
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.
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.
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.