Remington Arms filing bankruptcy

[xsubsailor]

Again !!  

June 26 (Reuters) - Remington Arms Co, America’s oldest gun maker, is preparing to file for Chapter 11 bankruptcy protection that could come as early as Sunday night and is in advanced talks for a sale to the Navajo Nation, according to a source familiar with the matter.

The Native American tribe is planning to vote to approve the deal as soon as Friday, the source said. The tribe previously had bid for Remington, planning to drop its most controversial semi-automatic rifles, the New York Times has reported.

 

 

https://www.reuters.com/article/remington-arms-bankruptcy-idUSL4N2E32QP

[bersaguy]

I hope the Indian tribe does buy the company. It would be better than the company just closing down. I'm sure the Native American tribe will do a good job of keeping the company in operation. They have proven over the years that they are good smart business people. Also the Indian tribes operate under different laws in many cases such as tax exempt in many of their existing companies such as the Casinos they already operate. ....JMHO

Edited June 27, 2020 by bersaguy

[Erich]

Second time is the charm? Since they  did bankruptcy in 2018, it will be curious to see how this time differs.

Would the Nation inherit any Sandy Hook payout if that occurs when its decided?

[DaveTN]

I’d hate to see Remington go under. They make the best affordable rifles and shotguns in the world. I also wondered if the Indians have some special privileges that would make it easier for them to manufacture.

The Remington 700 BS is a good example of how lawyers can put a company out of business. It will happen to others. 

[A.J. Holst]

I thought I heard once upon a time that Chapter 11 allows restructuring of debt and renegotiation of employment benefits and union contracts.

[btq96r]

3 hours ago, A.J. Holst said:

I thought I heard once upon a time that Chapter 11 allows restructuring of debt and renegotiation of employment benefits and union contracts.

Correct.  It's also supposed to come with some hefty reorganizing, so we'll see if Remington is committed to making wholesale changes, or just hoping to kick the can down the road. 

[19_A_CPT]

I hope they do follow through with the purchase and roll out a Ira Hayes edition and Code Talkers edition guns. I think they would sell well for a limited time.  

[Chucktshoes]

https://www.thetruthaboutguns.com/remington-asset-bids-revealed-ruger-gets-marlin-vista-gets-remington-ammo-franklin-armory-gets-bushmaster/

 

There is a lot of interesting info in who bought what.

A real estate group bought out the mainline Remington business. I don’t know what that means for it or the Ilion plant.

JJE Capital Holdings, (PSA) got  DPMS, H&R, Stormlake and AAC. PSA is now in the suppressor business. 
 

Ruger bought Marlin. Hopefully they can L return Marlin to quality again. Also, Ruger is now in the lever action game. 
 

Franklin Armory (binary trigger folks) bought their Bushmaster brand, so I expect that to see a revival. 

Barnes was bought by Sierra. That’s a good match. 

Edited September 27, 2020 by Chucktshoes

[nightrunner]

That is interesting.

I hope Ruger continues making the Marlin lever guns and doesn’t turn them into those awful things they made years ago.

Barnes bought by Sierra is good news, I only see good things from that.

The rest either worries me or I am indifferent about.

[Capbyrd]

16 hours ago, nightrunner said:

That is interesting.

I hope Ruger continues making the Marlin lever guns and doesn’t turn them into those awful things they made years ago.

Barnes bought by Sierra is good news, I only see good things from that.

The rest either worries me or I am indifferent about.

It wouldn't make sense for Ruger to spend money to build something that they already own.  

[Grayfox54]

Gonna be interesting to see what Ruger does with Marlin. For some reason, I have a feeling that they're gonna muck it up. Especially since the classic Model 60 has always been one of the 10/22s biggest rivals. 

[DaveTN]

I hate to see Remington broken up, or any American firearms manufacturer for that matter. It looks like most of the assets will just be absorbed into other companies. The sketchy one to me is Roundhill Group, in the present political environment, they could just have a group with $13 million to burn to make a political statement by closing it.

[Capbyrd]

2 hours ago, DaveTN said:

I hate to see Remington broken up, or any American firearms manufacturer for that matter. It looks like most of the assets will just be absorbed into other companies. The sketchy one to me is Roundhill Group, in the present political environment, they could just have a group with $13 million to burn to make a political statement by closing it.

So I just gone done skimming the 1500 pages of the official agreements.  Roundhill's bid is contingent on Vista being the successful bidder for the ammunition business.  


 

Quote

F. This Agreement is conditioned upon Vista Outdoor, Inc. ("Vista") being the successful bidder for Debtors' ammunition business and related assets.

 

 

I also saw where Ruger's bid was 30 million for Marlin.  I didn't see where any real estate was included in that sale but lots of machinery, tooling, parts and IP.    The interesting part of the IP for me is this.  


Patent Numbers 10,254,063 and 10,718,584.   Both patents are described as "ROTARY MAGAZINE WITH BOLT HOLD OPEN ASSEMBLY."   


Did Ruger just pay 30 million for those two patents?  

[DaveTN]

Looks like just when we need American Gun Manufacturers the most; everything at Remington is being closed. Guns are gone from their web site; nothing but ammo. 

[Chucktshoes]

13 minutes ago, DaveTN said:

Looks like just when we need American Gun Manufacturers the most; everything at Remington is being closed. Guns are gone from their web site; nothing but ammo. 

There’s a lot of screwy crap going on with that sale. Apparently the Roundhill Group that nobody ever heard of is a front for the current CEO. 

Also, before things were to be finalized and Roundhill takes over, the current management fired almost everyone at the Ilion plant and denied severance and cut off insurance and other items that were contractually obligated. Now they’re being investigated by the NLRB. 
 

It’s a bloody mess  

 

Edited November 8, 2020 by Chucktshoes

[DaveTN]

14 minutes ago, Chucktshoes said:

There’s a lot of screwy crap going on with that sale. Apparently the Roundhill Group that nobody ever heard of is a front for the current CEO. 

Also, before things were to be finalized and Roundhill takes over, the current management fired almost everyone at the Ilion plant and denied severance and cut off insurance and other items that were contractually obligated. Now they’re being investigated by the NLRB. 
 

It’s a bloody mess  

 

Yeah it looks like they have fired everyone in NY, laid everyone everywhere else off, and are removing equipment from Huntsville.

Probably be like Winchester, move everything out of the country, and then market it under the Remington name.

If I’m not mistaken the import of firearms can be stopped by executive order.

Edited November 8, 2020 by DaveTN

[DaveTN]

Dang man, I just realized that means DPMS is out of business. My DPMS 308 Recon LR-GII is my favorite AR.

PSA already makes their own (as I understand it) PA-10 rifles. So DPMS may be gone also.

[Chucktshoes]

4 hours ago, DaveTN said:

Dang man, I just realized that means DPMS is out of business. My DPMS 308 Recon LR-GII is my favorite AR.

PSA already makes their own (as I understand it) PA-10 rifles. So DPMS may be gone also.

Considering that DPMS has got decades of name recognition and had one of the two major AR-10 patterns named after it, I imagine it will probably stick around. 

[DaveTN]

This looks promising.....if true.

https://www.thetruthaboutguns.com/roundhill-group-wants-to-make-remington-great-again/

 

[Chucktshoes]

That’s a fine sounding statement, let’s hope reality lives up to it. 
 

Assuming it is, I would like to see Remington return to being a maker of quality sporting rifles & shotguns. At one time they were tops in that space. If they could return to producing quality again, I would think that they could recapture a large market share.