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Author Topic: Remington Files for Bankruptcy  (Read 622 times)
RocketMan
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« on: July 28, 2020, 06:42:23 AM »

Remington has filed for bankruptcy for the second time since 2018.  They were in talks with the Navajo Nation over an asset purchase, but those talks broke down leading to the Chapter 11 filing.  It's a shame, but maybe it's just time for them to go.

https://www.cnbc.com/2020/07/28/gun-maker-remington-files-for-bankruptcy-for-the-second-time.html
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WLJ
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« Reply #1 on: July 28, 2020, 07:22:37 AM »

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makattak
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« Reply #2 on: July 28, 2020, 07:24:30 AM »

If only they could have done this before ruining Marlin...
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MechAg94
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« Reply #3 on: July 28, 2020, 08:10:54 AM »

If only they could have done this before ruining Marlin...
Marlin among several other companies.  How many different companies did they buy and then close down?  Para Ordnance, DPMS, Bushmaster are three I can think of.  I think they tried to make a Para Ordanance pistol with a Remington brand name, but I don't know how well that went. 

I still cannot figure out how they could come out with pistols like the R51 and not get the production models functional. 
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« Reply #4 on: July 28, 2020, 08:11:24 AM »



It's even the right color.
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Fly320s
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« Reply #5 on: July 28, 2020, 12:28:02 PM »

No real loss.

Remington has been dying for years.
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fistful
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« Reply #6 on: July 28, 2020, 12:50:00 PM »

It's even the right color.


 laugh
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WLJ
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« Reply #7 on: July 28, 2020, 12:58:19 PM »

So far in  the grave thanks to Remington
Bushmaster RIP (Wonder if Windilham will try to get the name back)
DPMS RIP
Para RIP
Rohrbaugh RIP
H&R RIP

On death watch
Marlin
Advanced Armament
Storm Lake
The Remington brand itself
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Fly320s
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« Reply #8 on: July 28, 2020, 01:41:46 PM »


On death watch

Advanced Armament
Storm Lake

Hadn't heard about those two.  I like Storm Lake. 
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« Reply #9 on: July 28, 2020, 02:06:58 PM »

Hadn't heard about those two.  I like Storm Lake. 

I figure if they're part of Remington they're in that dumpster fire
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Fly320s
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« Reply #10 on: July 28, 2020, 02:40:19 PM »

I figure if they're part of Remington they're in that dumpster fire

Huh.  Never knew Storm Lake was bought by Rem.  Well, I hope they survive as an independent brand.  They make good barrels.
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« Reply #11 on: July 28, 2020, 02:42:56 PM »

https://en.wikipedia.org/wiki/Remington_Outdoor_Company
Quote
Remington
Barnes Bullets
Bushmaster
DPMS
Advanced Armament
Marlin Firearms
H & R Firearms
Para USA
The Parker Gun
Dakota Arms
Tapco
Storm Lake Barrels
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Andiron
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« Reply #12 on: July 28, 2020, 02:55:19 PM »

I hate to say it for one of our own,  but nothing of value was lost.  "Remington"  in it's current for is a lich feeding of the body and reputation of a once great company/companies.  They stopped being a gun company that made quality rifles long ago.
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Hawkmoon
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« Reply #13 on: July 28, 2020, 03:45:16 PM »

On death watch
Marlin
Advanced Armament
Storm Lake
The Remington brand itself

I didn't know Storm lake was owned by Cerberus.
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WLJ
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« Reply #14 on: September 09, 2020, 04:58:27 PM »

Not a done deal yet but

Quote
   Firearms maker Remington Outdoor Co. has agreed to sell its ammunition business out of bankruptcy to South Carolina-based investment firm JJE Capital Holdings LLC for $65 million plus the assumption of liabilities, subject to better offers.

    The JJE offer came in the form of a stalking-horse bid, setting a floor on the sale price for Remington’s ammunition business, which the company has been marketing while in chapter 11. Remington filed for bankruptcy protection in July and has been open to selling its ammunition and firearms operations to pay off its debt.

    The proposed deal outlined in papers filed Tuesday in the U.S. Bankruptcy Court in Decatur, Ala., covers the design and manufacturing of ammunition sold under the Remington and Barnes Bullets brands and includes production facilities in Arkansas and Utah.

Remington Agrees to Sell Ammunition Business, Including Barnes Bullets, for $65 Million
https://www.thetruthaboutguns.com/remington-agrees-to-sell-ammunition-business-including-barnes-bullets-for-65-million/
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Hawkmoon
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« Reply #15 on: September 09, 2020, 06:07:13 PM »

What is a stalking horse bid?
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Fly320s
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« Reply #16 on: September 09, 2020, 06:07:24 PM »


Remington Agrees to Sell Ammunition Business, Including Barnes Bullets, for $65 Million

Or roughly three cases of ammo.
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RocketMan
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« Reply #17 on: September 09, 2020, 08:06:12 PM »

From Investopedia:

A stalking-horse bid is an initial bid on the assets of a bankrupt company. The bankrupt company will choose an entity from a pool of bidders who will make the first bid on the firm's remaining assets. The stalking horse sets the low-end bidding bar so that other bidders can not underbid the purchase price. The term "stalking horse" originates from a hunter trying to conceal himself behind either a real or fake horse.
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Brad Johnson
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« Reply #18 on: September 10, 2020, 06:27:42 AM »

Only 65 mil? On the surface that sounds like the screaming bargain of the century but I'm sure there's a bunch of debt assumption built into the sale, too.

Brad
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WLJ
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« Reply #19 on: September 10, 2020, 06:32:33 AM »

Only 65 mil? On the surface that sounds like the screaming bargain of the century but I'm sure there's a bunch of debt assumption built into the sale, too.

Brad

Also if the dems win big in Nov the gun industry in this country will be basically dead after Jan and their stalking-horse bid would be for a dead horse.  So it's a gamble.
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AJ Dual
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« Reply #20 on: September 10, 2020, 07:31:13 AM »

JJE Capital Holdings LLC is Palmetto State Armory BTW.

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Brad Johnson
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« Reply #21 on: September 10, 2020, 07:38:27 AM »


JJE Capital Holdings LLC is Palmetto State Armory BTW.


Oh? Cool!  At least it's an actual firearms-related company rather than some generic asset acquisition/liquidation conglomerate.

Brad
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« Reply #22 on: September 10, 2020, 07:40:25 AM »

Holy *expletive deleted*it it would be awesome if PSA was able to get that.
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« Reply #23 on: September 10, 2020, 08:15:18 AM »

Oh, on further reading, it's just an initial bid. Someone might bid higher etc. but still exciting to see PSA taking a leap at the brass ring like that.
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MechAg94
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« Reply #24 on: September 10, 2020, 09:17:14 AM »

PSA is a company that has actually increased their quality control while keeping costs low.  I got an 11" 5.56 upper at the beginning of the year.  I was impressed with the fit and finish. 

My question will be if PSA would absorb it or simply run Remington better.  Get rid of the guy they got from Taurus at least.
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