Author Topic: Remington Files for Bankruptcy  (Read 5389 times)

Hawkmoon

  • friend
  • Senior Member
  • ***
  • Posts: 27,197
Re: Remington Files for Bankruptcy
« Reply #25 on: September 10, 2020, 01:23:05 PM »
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.
"PSA" wouldn't be buying the company, the sale would be to a holding company they set up. So Remington Ammunition could continue to operate as Remington Ammunition. The deal includes debt assumption, but it doesn't say if there would be any deals with the debtors to reduce that debt so the company could have a chance at earning a profit. I doubt PSA would try to have the people running their firearms company on a day-to-day basis also run the ammo company, which will probably remain where it is currently located. They might share (some or all of) the same board of directors, though.
- - - - - - - - - - - - -
100% Politically Incorrect by Design

MechAg94

  • friend
  • Senior Member
  • ***
  • Posts: 33,619
Re: Remington Files for Bankruptcy
« Reply #26 on: September 14, 2020, 09:18:27 PM »
Yeah, I missed that it was the ammo business.  Probably still room for improvement.  I don't buy Remington ammo if I want accuracy.  And I figure they are trying to avoid any part of the Sandy Hook liability. 

I saw mention of PSA buying Remington ammo and thought it was accepted, but that still isn't settled.
“It is much more important to kill bad bills than to pass good ones.”  ― Calvin Coolidge

Brad Johnson

  • friend
  • Senior Member
  • ***
  • Posts: 18,030
  • Witty, charming, handsome, and completely insane.
Re: Remington Files for Bankruptcy
« Reply #27 on: September 14, 2020, 09:37:00 PM »
My .06 is sighted for Remy R3006B because it's stupid accurate in it (under 0.8 inch cleaned, benched, and bagged). Guess I better buy any boxes of it I find on the chance that it won't be available any more.

Brad
It's all about the pancakes, people.
"And he thought cops wouldn't chase... a STOLEN DONUT TRUCK???? That would be like Willie Nelson ignoring a pickup full of weed."
-HankB

WLJ

  • friends
  • Senior Member
  • ***
  • Posts: 27,841
  • On Patrol In The Epsilon Eridani System
Re: Remington Files for Bankruptcy
« Reply #28 on: September 27, 2020, 04:35:06 PM »
Not final yet but it looks like PSA (JJE Capital Holdings, LLC) may have lost out on the ammo bid but will be getting DPMS,HR, AAC, & Storm Lake

Remington Asset Bids Revealed: Ruger Gets Marlin, Vista Gets Remington Ammo, Franklin Armory Gets Bushmaster, Sierra Gets Barnes
https://www.thetruthaboutguns.com/remington-asset-bids-revealed-ruger-gets-marlin-vista-gets-remington-ammo-franklin-armory-gets-bushmaster/
"Sometimes I think the surest sign that intelligent life exists elsewhere in the universe is that none of it has tried to contact us".
- Calvin and Hobbes

RoadKingLarry

  • friends
  • Senior Member
  • ***
  • Posts: 21,841
Re: Remington Files for Bankruptcy
« Reply #29 on: September 27, 2020, 06:26:26 PM »
AS a Marlin and Ruger fan I am cautiously optimistic that this will be good for both brands.
If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen.

Samuel Adams

Angel Eyes

  • Lying dog-faced pony soldier
  • friend
  • Senior Member
  • ***
  • Posts: 12,257
  • You're not diggin'
Re: Remington Files for Bankruptcy
« Reply #30 on: September 27, 2020, 07:21:25 PM »
AS a Marlin and Ruger fan I am cautiously optimistic that this will be good for both brands.

Same here.  Hoping that Ruger will dispense with that #$%@& cross-bolt safety and improve the overall QC.



"I make love to men daily, but in the imagination."
                         - Barack Obama

lee n. field

  • friend
  • Senior Member
  • ***
  • Posts: 13,534
  • tinpot megalomaniac, Paulbot, hardware goon
Re: Remington Files for Bankruptcy
« Reply #31 on: September 27, 2020, 08:26:33 PM »
Me Three.
In thy presence is fulness of joy.
At thy right hand pleasures for evermore.

Brad Johnson

  • friend
  • Senior Member
  • ***
  • Posts: 18,030
  • Witty, charming, handsome, and completely insane.
Re: Remington Files for Bankruptcy
« Reply #32 on: September 28, 2020, 05:26:57 PM »
Pending tomorrow's finalization hearing, looks like Vista Outdoors pretty much is the ammo market now ... American Eagle, Blazer, Butler Creek, CCI, Estate, Federal, Independence, Speer, and now Remington. Add them together and that's way up there in total percentage what's available at most stores. Only serious competitors will be the importers like Wolf/TulAmmo and house brands sourced from overseas providers.

They'll also supply a big chunk of the reloading, budget optics, and cleaning supplies markets, too.

Brad

It's all about the pancakes, people.
"And he thought cops wouldn't chase... a STOLEN DONUT TRUCK???? That would be like Willie Nelson ignoring a pickup full of weed."
-HankB

RoadKingLarry

  • friends
  • Senior Member
  • ***
  • Posts: 21,841
Re: Remington Files for Bankruptcy
« Reply #33 on: September 28, 2020, 06:29:54 PM »
Fiochi is building an ammo plant in Arkansas.
If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen.

Samuel Adams

WLJ

  • friends
  • Senior Member
  • ***
  • Posts: 27,841
  • On Patrol In The Epsilon Eridani System
Re: Remington Files for Bankruptcy
« Reply #34 on: September 28, 2020, 06:36:12 PM »
Fiochi is building an ammo plant in Arkansas.

SIG Sauer has an ammo plant in  Jacksonville Arkansas.
"Sometimes I think the surest sign that intelligent life exists elsewhere in the universe is that none of it has tried to contact us".
- Calvin and Hobbes

Fly320s

  • friend
  • Senior Member
  • ***
  • Posts: 14,415
  • Formerly, Arthur, King of the Britons
Re: Remington Files for Bankruptcy
« Reply #35 on: September 28, 2020, 06:56:48 PM »
Pending tomorrow's finalization hearing, looks like Vista Outdoors pretty much is the ammo market now


I hope Vista Outdoors isn't a democrat-owned company.

Edited to add:  Wow, they own a bunch of brands.  https://vistaoutdoor.com/brands/
Islamic sex dolls.  Do they blow themselves up?

MechAg94

  • friend
  • Senior Member
  • ***
  • Posts: 33,619
Re: Remington Files for Bankruptcy
« Reply #36 on: October 02, 2020, 11:26:10 PM »
https://www.thefirearmblog.com/blog/2020/09/30/long-live-lever-gun-ruger/

Quote
The transaction is exclusively for the Marlin Firearms assets. Remington firearms, ammunition, other Remington Outdoor brands, and all facilities and real estate are excluded from the Ruger purchase. Once the purchase is completed, the Company will begin the process of relocating the Marlin Firearms assets to existing Ruger manufacturing facilities.

“The important thing for consumers, retailers and distributors to know at this point in time,” continued Killoy, “is that the Marlin brand and its great products will live on. Long Live the Lever Gun.”
“It is much more important to kill bad bills than to pass good ones.”  ― Calvin Coolidge

WLJ

  • friends
  • Senior Member
  • ***
  • Posts: 27,841
  • On Patrol In The Epsilon Eridani System
Re: Remington Files for Bankruptcy
« Reply #37 on: October 29, 2020, 10:06:50 AM »
But wait, there's more

Quote
A reliable source who wishes to remain anonymous has passed on information to TTAG regarding a pending federal investigation into Remington Outdoor Company’s handling of the sale of company assets to the Roundhill Group and Remington CEO Ken D’Arcy.

Multiple trusted sources close to the transaction report that D’Arcy was the man behind the Roundhill Group and used another individual as the group’s public face until the asset purchase was completed. Once Roundhill closed on the asset purchase, that person parted ways with Roundhill and D’Arcy’s involvement was made public.

The heart of the pending investigation has to do with Remington’s termination of 585 Ilion, New York employees last week, refusing to honor union contracts which I am told required Remington to pay severance, vacation pay, and other employee benefits to terminated workers including health care. The benefits will be cut off as of October 31.

BREAKING: Remington to Become the Subject of a Federal Investigation
https://www.thetruthaboutguns.com/breaking-remington-to-become-the-subject-of-a-federal-investigation/
"Sometimes I think the surest sign that intelligent life exists elsewhere in the universe is that none of it has tried to contact us".
- Calvin and Hobbes

MechAg94

  • friend
  • Senior Member
  • ***
  • Posts: 33,619
Re: Remington Files for Bankruptcy
« Reply #38 on: October 29, 2020, 10:19:23 AM »
But wait, there's more

BREAKING: Remington to Become the Subject of a Federal Investigation
https://www.thetruthaboutguns.com/breaking-remington-to-become-the-subject-of-a-federal-investigation/
I wouldn't think the bankruptcy court would take a positive view of that.  I don't know what is legal or common in such things.

It also makes me think that nothing will change with Remington as far as their QAQC issues and such. 
“It is much more important to kill bad bills than to pass good ones.”  ― Calvin Coolidge

Brad Johnson

  • friend
  • Senior Member
  • ***
  • Posts: 18,030
  • Witty, charming, handsome, and completely insane.
Re: Remington Files for Bankruptcy
« Reply #39 on: October 29, 2020, 10:30:22 AM »
The heart of the pending investigation has to do with Remington’s termination of 585 Ilion, New York employees last week, refusing to honor union contracts which I am told required Remington to pay severance, vacation pay, and other employee benefits to terminated workers including health care. The benefits will be cut off as of October 31.

The union contract was with a "Remington" that no longer exists. The company wasn't sold in some deal where another entity is assuming both assets and liabilities. It's been liquidated, meaning assets only. It doesn't matter who was behind the acquisition ... if the union contract agreements weren't specified as part of the bankruptcy liquidation and asset transfer requirements, they are no longer legally enforceable. Unions had a chance to step in and make their voice known as part of the bankruptcy proceedings so any screaming now is little more than lip service.

The fact that Brindisi has a (D) after his name makes me automatically presume he's likely in some kind of lock-step with the unions and will use any tactic, underhanded or otherwise, to serve their interests. My guess would be this is a Hail Mary on his part to try and force Fed.Gov intervention. Not a lot of sympathy for the union as their demands and absolutist enforcement tactics are likely a significant contributor to Remington's demise.

Brad
It's all about the pancakes, people.
"And he thought cops wouldn't chase... a STOLEN DONUT TRUCK???? That would be like Willie Nelson ignoring a pickup full of weed."
-HankB

MechAg94

  • friend
  • Senior Member
  • ***
  • Posts: 33,619
Re: Remington Files for Bankruptcy
« Reply #40 on: October 29, 2020, 10:48:14 AM »
The union contract was with a "Remington" that no longer exists. The company wasn't sold in some deal where another entity is assuming both assets and liabilities. It's been liquidated, meaning assets only. It doesn't matter who was behind the acquisition ... if the union contract agreements weren't specified as part of the bankruptcy liquidation and asset transfer requirements, they are no longer legally enforceable. Unions had a chance to step in and make their voice known as part of the bankruptcy proceedings so any screaming now is little more than lip service.

The fact that Brindisi has a (D) after his name makes me automatically presume he's likely in some kind of lock-step with the unions and will use any tactic, underhanded or otherwise, to serve their interests. My guess would be this is a Hail Mary on his part to try and force Fed.Gov intervention. Not a lot of sympathy for the union as their demands and absolutist enforcement tactics are likely a significant contributor to Remington's demise.

Brad
Do you think the fact that the CEO set up his own group to buy the company in bankruptcy makes a difference? 
“It is much more important to kill bad bills than to pass good ones.”  ― Calvin Coolidge

Brad Johnson

  • friend
  • Senior Member
  • ***
  • Posts: 18,030
  • Witty, charming, handsome, and completely insane.
Re: Remington Files for Bankruptcy
« Reply #41 on: October 29, 2020, 10:54:10 AM »
Do you think the fact that the CEO set up his own group to buy the company in bankruptcy makes a difference?  

Unless it can be proven he unduly influenced bankruptcy court proceedings, no. It's not unusual for former executives to form outside corporate entities in order to acquire some of all of their previous company's assets or interests during a bankruptcy. If they did it within boundaries of ethics and law, it doesn't matter who the person is or whether or not they kept their identity concealed.

Brad
« Last Edit: October 29, 2020, 05:28:10 PM by Brad Johnson »
It's all about the pancakes, people.
"And he thought cops wouldn't chase... a STOLEN DONUT TRUCK???? That would be like Willie Nelson ignoring a pickup full of weed."
-HankB

WLJ

  • friends
  • Senior Member
  • ***
  • Posts: 27,841
  • On Patrol In The Epsilon Eridani System
Re: Remington Files for Bankruptcy
« Reply #42 on: July 29, 2021, 10:09:31 AM »
Not looking good so far. Hopefully they can get this fixed

REMARMS *new production*: FIRST LOOK
https://www.youtube.com/watch?v=3zg07o4BprE&t=36s

RemArms *RESPONDS*
https://www.youtube.com/watch?v=1fdD_m5_pnw
"Sometimes I think the surest sign that intelligent life exists elsewhere in the universe is that none of it has tried to contact us".
- Calvin and Hobbes

RoadKingLarry

  • friends
  • Senior Member
  • ***
  • Posts: 21,841
Re: Remington Files for Bankruptcy
« Reply #43 on: July 29, 2021, 10:29:57 AM »
Remarms response was kind of sad. "Yeah, we bought a failing company known for having QC issues while on their death bed and then just shipped their last bit of production out the door to our customer base kind of just hoping for the best".
Wanting to get their quality standards back to where they were 20 years ago is also pretty sad. Take their quality back to what it was 40-50 years ago and I will start looking at Remington again.
If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen.

Samuel Adams

MechAg94

  • friend
  • Senior Member
  • ***
  • Posts: 33,619
Re: Remington Files for Bankruptcy
« Reply #44 on: July 29, 2021, 10:53:22 AM »
Remarms response was kind of sad. "Yeah, we bought a failing company known for having QC issues while on their death bed and then just shipped their last bit of production out the door to our customer base kind of just hoping for the best".
Wanting to get their quality standards back to where they were 20 years ago is also pretty sad. Take their quality back to what it was 40-50 years ago and I will start looking at Remington again.
The problem with that is the ownership group that bought Remington are the same people who ran it into bankruptcy this last time.  They were in charge when the old inventory was made.

20 years ago is 2001.  Was Remington quality that good then?  I would say they need to get back to 1970.  I have a late 60's model 1100 shotgun that is pretty nice.  I used to have an 870 Express pump shotgun bought from Oshman's in the 90's that was a good shotgun.
“It is much more important to kill bad bills than to pass good ones.”  ― Calvin Coolidge

cordex

  • Administrator
  • Senior Member
  • *****
  • Posts: 8,570
Re: Remington Files for Bankruptcy
« Reply #45 on: July 29, 2021, 12:49:20 PM »
"... and I told them that the best way for them to show how awesome their product is would be for them to give me a couple of free, hand-picked shotguns so I can claim their QC has improved even if they only did QC on the samples they send me."
Nice.

WLJ

  • friends
  • Senior Member
  • ***
  • Posts: 27,841
  • On Patrol In The Epsilon Eridani System
Re: Remington Files for Bankruptcy
« Reply #46 on: July 29, 2021, 04:33:49 PM »
Speaking of Remington

This is an offer. Some are saying total claims total up into the 1 billion dollar range.

Remington offers $33 million to families of Sandy Hook school shooting victims
https://www.reuters.com/world/us/remington-offers-33-million-families-sandy-hook-school-shooting-victims-2021-07-27/

Remington Offers $33 Million Settlement to Families of Sandy Hook Shooting Victims
https://www.thetruthaboutguns.com/remington-offers-33-million-settlement-to-families-of-sandy-hook-shooting-victims/
"Sometimes I think the surest sign that intelligent life exists elsewhere in the universe is that none of it has tried to contact us".
- Calvin and Hobbes

WLJ

  • friends
  • Senior Member
  • ***
  • Posts: 27,841
  • On Patrol In The Epsilon Eridani System
Re: Remington Files for Bankruptcy
« Reply #47 on: February 15, 2022, 11:43:11 AM »
$73 million

Quote
The families of nine victims of the Sandy Hook Elementary School have agreed to a $73 million settlement of a lawsuit against the maker of the rifle used to kill 20 first graders and six educators in 2012.

Remington, which made the Bushmaster AR-15-style rifle used in the massacre, also agreed to allow the families to release numerous documents they obtained during the lawsuit including ones showing how it marketed the weapon, the families said Tuesday.

The families and a survivor of the shooting sued Remington in 2015, saying the company should have never sold such a dangerous weapon to the public. They said their focus was on preventing future mass shootings.

Sandy Hook families settle for $73M with gun maker Remington
https://www.wdrb.com/news/national/sandy-hook-families-settle-for-73m-with-gun-maker-remington/article_cbca7e2a-9e21-5115-a722-78373e050013.html
"Sometimes I think the surest sign that intelligent life exists elsewhere in the universe is that none of it has tried to contact us".
- Calvin and Hobbes

Bogie

  • friend
  • Senior Member
  • ***
  • Posts: 10,153
  • Hunkered in South St. Louis, right by Route 66
    • Third Rate Pundit
Re: Remington Files for Bankruptcy
« Reply #48 on: February 15, 2022, 12:03:35 PM »
If the loser had walked in with a couple of jerry cans of gasoline, would they have sued the gas station?
Blog under construction

WLJ

  • friends
  • Senior Member
  • ***
  • Posts: 27,841
  • On Patrol In The Epsilon Eridani System
Re: Remington Files for Bankruptcy
« Reply #49 on: February 15, 2022, 12:12:10 PM »
Embolden by this they're probably start suing everyone else.
"Sometimes I think the surest sign that intelligent life exists elsewhere in the universe is that none of it has tried to contact us".
- Calvin and Hobbes