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Thread: Gunmaker Remington to file for bankruptcy

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    Gunmaker Remington to file for bankruptcy

    http://www.foxbusiness.com/markets/2...ankruptcy.html

    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 according to reports, 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 in future.
    almost a decade of record firearms sales, a massive gov't contract for sniper rifles and they still end up in bankruptcy?
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    Moderator Tri70's Avatar
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    They are bad with money! No other gun manufacturers are struggling, lower your prices and move inventory!
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    Si vis pacem, para bellum texaswoodworker's Avatar
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    They're bad with money, they suck at making new gun designs, and their quality control has suffered greatly. The worst part of it is, they drug Marlin down with them. Honestly this is the best thing that could happen. Maybe the new owners will do things right.
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    Quote Originally Posted by texaswoodworker View Post
    Maybe the new owners will do things right.
    http://abcnews.go.com/US/trumps-elec...ry?id=53056490

    "We will emerge from this process with a deleveraged balance sheet and ample liquidity, positioning Remington to compete more aggressively and to seize future growth opportunities," Anthony Acitelli, Remington's chief executive officer, said in a statement, adding that the "fundamentals of our core business remain strong."

    Experts say the changing winds in Washington, specifically the election of President Donald Trump, has dramatically reduced the demand of guns and have hurt the bottom line of manufacturers like the Remington Outdoor Company.

    Robert Spitzer, chairman of the political science department at the State University of New York at Cortland, said gun sales spiked during the 2016 presidential campaign because buyers feared Hillary Clinton would win and continue to strengthen gun regulations put in place by the Obama administration.
    yeah, somehow i don't think they are going to get better


    a marginal drop in sales does not account for Remington going bankrupt ... nics2017.jpg
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    Moderator Tri70's Avatar
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    It’s a buyers gun market right now, everyone getting more tax money back that paid in. Show some innovative ideas to sell, offer rebates, new products at the market price point for decent quality products, be competitive!
    If we could follow 1 Commandment, 'Love Each Other!', it would be enough! -Apostle Paul

    21 Then I saw “a new heaven and a new earth,”[a] for the first heaven and the first earth had passed away, and there was no longer any sea.

    "Nothing can now be believed which is seen in a newspaper. Truth itself becomes suspicious by being put into that polluted vehicle. The real extent of this state of misinformation is known only to those who are in situations to confront facts within their knowledge with the lies of the day." —Thomas Jefferson (1807)

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    Moderator Tri70's Avatar
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    I wonder if all the lawsuits over their bad triggers had affected them.
    If we could follow 1 Commandment, 'Love Each Other!', it would be enough! -Apostle Paul

    21 Then I saw “a new heaven and a new earth,”[a] for the first heaven and the first earth had passed away, and there was no longer any sea.

    "Nothing can now be believed which is seen in a newspaper. Truth itself becomes suspicious by being put into that polluted vehicle. The real extent of this state of misinformation is known only to those who are in situations to confront facts within their knowledge with the lies of the day." —Thomas Jefferson (1807)

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    Quote Originally Posted by Tri70 View Post
    I wonder if all the lawsuits over their bad triggers had affected them.
    bad management is to blame for all of Remington's woes
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