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Remington files for bankruptcy
March 25, 2018, 10:13 PM
ilikefirearmsRemington files for bankruptcy
It filed today (Sunday) in bankruptcy court in Delaware. Creditors going to take over running it in exchange for debt forgiveness. Hope this isn’t the tip of the iceberg for more of the industry.
Conan! What is best in life?
Conan: To crush your enemies, see them driven before you, and to hear the lamentation of the women.
March 25, 2018, 10:17 PM
smschulzNot knowing the Remington details but lots of companies emerge from bankruptcy.
March 25, 2018, 10:18 PM
JALLENAs previously announced
https://sigforum.com/eve/forums...780096734#1780096734
Luckily, I have enough willpower to control the driving ambition that rages within me.
When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson
"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown March 25, 2018, 10:20 PM
ilikefirearmsquote:
Did a search. Didn’t come up.
Conan! What is best in life?
Conan: To crush your enemies, see them driven before you, and to hear the lamentation of the women.
March 25, 2018, 10:21 PM
BBMWThe new owners will probably sell off the pieces bit by bit, to try and maximize value. This is likely not a bad thing, as a few iconic brands might end up with companies that want to run them properly.
While the industry is under pressure, Remington's problems are lagely of their own making.
March 25, 2018, 10:22 PM
ilikefirearmsThat thread froma month and half ago doesn’t announce that it did happen, just that it was being prepared. Little different.
Conan! What is best in life?
Conan: To crush your enemies, see them driven before you, and to hear the lamentation of the women.
March 25, 2018, 10:24 PM
JALLENquote:
Originally posted by ilikefirearms:
That thread froma month and half ago doesn’t announce that it did happen, just that it was being prepared. Little different.
Exactly. It was an announcement that it would file, about 6 weeks ago.
Luckily, I have enough willpower to control the driving ambition that rages within me.
When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson
"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown March 25, 2018, 10:25 PM
RHINOWSORemmys been circling the toilet bowel with a couple of logs for awhile.
Not surprising that people stopped buying their shit, I mean firearms. 700 trigger and R51 fiascos to name a few.
I wouldn’t take their stuff for free, other than to sell / trade it off.
Adios, maybe they get their shit together in the end. Maybe not.
March 25, 2018, 10:28 PM
corsairThey need new ownership to cut the fat, drop the sales distributor model and re-focus on product. If they have to go full boutique, go for it; do what you got you to the party, precision rifles.
March 26, 2018, 05:49 AM
gearhoundsLet us hope that Marlin passes into the hands of an entity that knows what the hell they’re doing, at least in terms of how to manufacture lever action rifles. Remington did terribly.
“Remember to get vaccinated or a vaccinated person might get sick from a virus they got vaccinated against because you’re not vaccinated.” - author unknown March 26, 2018, 06:01 AM
sourdough44The names seem to live on, manufacturers do change though. I’m not a big Remmy fan though I do have two customized rifles and an 870 I took in trade.
I do wish them well, after the turmoil.
March 26, 2018, 06:28 AM
bigwagonThis is less about the health of the gun industry and more about vulture capitalists who suck the profits out of viable companies and replace them with a mountain of debt.
March 26, 2018, 08:17 AM
chellim1quote:
Originally posted by bigwagon:
This is less about the health of the gun industry and more about vulture capitalists who suck the profits out of viable companies and replace them with a mountain of debt.
Debt can be a huge problem, both for individuals and for companies. But every transaction has two sides. If you don't like the terms, don't take the money.
Certainly, if you are running a company struggling with sales because your quality has declined, don't load up on debt:
The company's chief financial officer, Stephen Jackson, said in court papers that
Remington's sales fell significantly in the year before its bankruptcy, and that the company was having difficulty meeting requirements from its lenders.
Remington, America's oldest gunmaker, announced in February it would reduce its $950 million debtload in a deal that will transfer control of the company to creditors. The company plans to wrap up its bankruptcy as soon as May 3, according to court papers.
"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible."
-- Justice Janice Rogers Brown
"The United States government is the largest criminal enterprise on earth."
-rduckwor March 26, 2018, 09:13 AM
CromI noticed the media is publicizing Remington's bankruptcy more widely today, and implying that it is a result of the "March against gun violence".
They want to show they are having an effect.
"Crom is strong! If I die, I have to go before him, and he will ask me, 'What is the riddle of steel?' If I don't know it, he will cast me out of Valhalla and laugh at me."
March 26, 2018, 09:19 AM
chellim1^^^
I noticed that too...
The Florida school shooting and the "March against gun violence" have
absolutely nothing to do with the Remington situation.
Media engaged in blatant anti-gun propaganda.
"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible."
-- Justice Janice Rogers Brown
"The United States government is the largest criminal enterprise on earth."
-rduckwor March 26, 2018, 09:49 AM
oddballquote:
Originally posted by Crom:
I noticed the media is publicizing Remington's bankruptcy more widely today, and implying that it is a result of the "March against gun violence".
They want to show they are having an effect.
Yeah, I glanced at some headlines implying the bullshit of the gun industry suffering because of the marches. Give me a break
"I’m not going to read Time Magazine, I’m not going to read Newsweek, I’m not going to read any of these magazines; I mean, because they have too much to lose by printing the truth"- Bob Dylan, 1965
March 26, 2018, 09:57 AM
x0225095quote:
Originally posted by gearhounds:
Let us hope that Marlin passes into the hands of an entity that knows what the hell they’re doing, at least in terms of how to manufacture lever action rifles. Remington did terribly.
Ruger is the logical recipient here when you consider the, seemingly, natural synergy of lever action rifles and Ruger’s single action and revolver offerings. I asked the CEO once (about 5-6 years ago) if lever action rifles were in their future plans and I got a very quick and very certain “No.”. Maybe now the price and time is right??
0:01
March 26, 2018, 10:12 AM
gearhoundsquote:
Originally posted by x0225095:
quote:
Originally posted by gearhounds:
Let us hope that Marlin passes into the hands of an entity that knows what the hell they’re doing, at least in terms of how to manufacture lever action rifles. Remington did terribly.
Ruger is the logical recipient here when you consider the, seemingly, natural synergy of lever action rifles and Ruger’s single action and revolver offerings. I asked the CEO once (about 5-6 years ago) if lever action rifles were in their future plans and I got a very quick and very certain “No.”. Maybe now the price and time is right??
Ruger would be an excellent choice; the good thing for them is that the machinery to manufacture them is all fairly new CNC equipment. Tracking down all the highly skilled artisans that actually knew how to build Marlin lever actions would be my first step. Remington kicked so many knowledgeable craftsmen to the curb and the product line suffered immensely as a result.
Although I would hate to see Marlins stop being American made, I would not lose much sleep if Japan started making them...Winchester and Browning products have shown that they could do so successfully.
“Remember to get vaccinated or a vaccinated person might get sick from a virus they got vaccinated against because you’re not vaccinated.” - author unknown March 26, 2018, 12:21 PM
YooperSigsJust a guess, but I would say you will be able to buy a Turkish made Marlin fairly soon.
End of Earth: 2 Miles
Upper Peninsula: 4 Miles
March 26, 2018, 03:00 PM
FredwardRemington's quality is crap these days. I've shipped two cases of 38 special back due to squibs, and I recently compared a Mossberg side by side with a similar model Remington. The Rem looked like crap by comparison, I bought the Mossberg.