Remington Is Planning to File for Bankruptcy

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sanfordandson
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Remington Is Planning to File for Bankruptcy

Post by sanfordandson » Mon Feb 12, 2018 7:50 pm

https://www.bloomberg.com/news/articles ... bankruptcy
For two centuries, it has been a totem of America’s gun culture -- a name emblazoned on frontier flintlocks and U.S. Army .45s.

But on Monday Remington Outdoor Co., which traces its history back to 1816, said it would file for bankruptcy protection, succumbing to a slump in business worsened by, of all things, a president who has steadfastly supported Americans’ right to bear arms.

The bankruptcy is a blow to the private-equity mogul Stephen Feinberg, who has been a prominent supporter of President Donald Trump. Feinberg’s firm, Cerberus Capital Management, acquired Remington in 2007 and subsequently saddled it with almost $1 billion in debt. The Chapter 11 bankruptcy filing will let Remington stay in business while it works out a plan to turn around the company and pay its creditors.

Remington has been around for over 200 years, dating back to 1816 when Eliphalet Remington II worked with a local gunsmith to create a flintlock rifle. It received its first contract in 1845, manufacturing 5,000 “Mississippi” rifles for the U.S. military. Today, the company employs 3,500 people and is among the largest American manufacturers of ammunition and firearms.
Remington was doing well under obama fyi.... :lol: =D>

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Re: Remington Is Planning to File for Bankruptcy

Post by SupStk » Mon Feb 12, 2018 8:26 pm

This should have the anti-gunners dancing in the street. BO was the best gun salesman in recent history other than the Cs.

Hope there is enough left in the coffers for the CEO's golden parachute.

Feel sorry for the workers and their families. It will be interesting to see how their unions will help them now.
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Re: Remington Is Planning to File for Bankruptcy

Post by exhaustgases » Mon Feb 12, 2018 10:10 pm

SupStk wrote:
Mon Feb 12, 2018 8:26 pm
This should have the anti-gunners dancing in the street. BO was the best gun salesman in recent history other than the Cs.

Hope there is enough left in the coffers for the CEO's golden parachute.

Feel sorry for the workers and their families. It will be interesting to see how their unions will help them now.
Yeah that keeps up all the Marxist on and in the news media will be screaming to vote for Trump. Or do they hate him more than guns?
Geee they like things they can take away from people like a president and guns.

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Re: Remington Is Planning to File for Bankruptcy

Post by sanfordandson » Mon Feb 12, 2018 10:10 pm

exhaustgases wrote:
Mon Feb 12, 2018 10:10 pm
SupStk wrote:
Mon Feb 12, 2018 8:26 pm
This should have the anti-gunners dancing in the street. BO was the best gun salesman in recent history other than the Cs.

Hope there is enough left in the coffers for the CEO's golden parachute.

Feel sorry for the workers and their families. It will be interesting to see how their unions will help them now.
Yeah that keeps up all the Marxist on and in the news media will be screaming to vote for Trump. Or do they hate him more than guns?
Geee they like things they can take away from people like a president and guns.
Sad to see these jobs lost.

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Re: Remington Is Planning to File for Bankruptcy

Post by lefty o » Mon Feb 12, 2018 10:28 pm

sanfordandson wrote:
Mon Feb 12, 2018 10:10 pm
exhaustgases wrote:
Mon Feb 12, 2018 10:10 pm
SupStk wrote:
Mon Feb 12, 2018 8:26 pm
This should have the anti-gunners dancing in the street. BO was the best gun salesman in recent history other than the Cs.

Hope there is enough left in the coffers for the CEO's golden parachute.

Feel sorry for the workers and their families. It will be interesting to see how their unions will help them now.
Yeah that keeps up all the Marxist on and in the news media will be screaming to vote for Trump. Or do they hate him more than guns?
Geee they like things they can take away from people like a president and guns.
Sad to see these jobs lost.
they are filing bankruptcy, not closing the plant you ftard!

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Re: Remington Is Planning to File for Bankruptcy

Post by sanfordandson » Mon Feb 12, 2018 10:34 pm

lefty o wrote:
Mon Feb 12, 2018 10:28 pm
sanfordandson wrote:
Mon Feb 12, 2018 10:10 pm
exhaustgases wrote:
Mon Feb 12, 2018 10:10 pm


Yeah that keeps up all the Marxist on and in the news media will be screaming to vote for Trump. Or do they hate him more than guns?
Geee they like things they can take away from people like a president and guns.
Sad to see these jobs lost.
they are filing bankruptcy, not closing the plant you ftard!
Yea when a company files bankruptcy I'm sure NOBODY will lose their job.... #-o

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Re: Remington Is Planning to File for Bankruptcy

Post by tjs44 » Mon Feb 12, 2018 10:59 pm

Their creditors wil loose money.I doubt any jobs.Tom

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Re: Remington Is Planning to File for Bankruptcy

Post by lefty o » Mon Feb 12, 2018 11:19 pm

tjs44 wrote:
Mon Feb 12, 2018 10:59 pm
Their creditors wil loose money.I doubt any jobs.Tom
and the upper mgmnt will probably give themselves some raises for cutting debt.

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Re: Remington Is Planning to File for Bankruptcy

Post by SupStk » Tue Feb 13, 2018 12:37 am

https://www.cnbc.com/2018/02/09/us-gunm ... urces.html


I think there is a good chance Remington Outdoors (Cerberus?) is going to fold. From what I understand their holdings are valued at 16 cents on the dollar. They are looking for financing so they can file for creditor protection. With almost a billion dollars of debt I hope they can find it. I haven't heard if they have but its not looking good.
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Re: Remington Is Planning to File for Bankruptcy

Post by pdq67 » Tue Feb 13, 2018 4:18 am

I have a bad feeling that this isn't Remington's debt, but rather Feinberg’s firm, "Cerberus Capital Management", created one.

I never thought about it, but what better way to do away with our gun suppliers. Buy them, run them in the ground with MASSIVE DEBT, then file BK!! And walk away with all the PROFITs you can skim off doing so!

Better check and see what Feinberg and his firm, Cerberus Capital Management ultimately are politically-wise?

L:iberal, Middle of the Road, or Conservative?

"Feinberg", sounds Jewish to me. "Soros" is a NON-PRACTICING Jew, isn't he? And look what he has helped destroy..

I gotta buy stock in Reynolds Wrap!

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Re: Remington Is Planning to File for Bankruptcy

Post by woody b » Tue Feb 13, 2018 9:38 am

Remington may have some debt due to poor management decisions but the main reason for their problems is their inferior products.
I used to be a people person, but people ruined it.

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Re: Remington Is Planning to File for Bankruptcy

Post by tjs44 » Tue Feb 13, 2018 10:56 am

Woody,do they make bad ammo?Is there gun care products inferior?What firearm have you ACTUALLY had any major issue with?Are you referring to the safety issue with their bolt action?I think the one that is still used by our military?I was in the gun and ammo biz since 1958,have bought and sold multi millions of dollars of their products.Never had anymore quality issues with them compared to other mfgs I have done biz with.Over the years I went thru many managements changes,some great,some just OK and some I thought were terrible.I dont think the present parent co did them any favors.Since the Bushmaster shooting they have wanted out IMO.JMO,Tom

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Re: Remington Is Planning to File for Bankruptcy

Post by SupStk » Tue Feb 13, 2018 12:55 pm

I used to be a huge Remington fan. At one time all my long guns were theirs. About 7 years ago I bought a 700 sps varminter in .223. It had a primer piercing problem. Sent it to Remington with the spent brass and burnt bolt face. They sent it back just as was with a note everything was in spec. The dealer I got it from traded me for another sps. That rifle couldn't shoot anything under a 3 1/2" group at 100 yards no matter what ammo was tried. Again Remington didn't make it right for me. Figured at that point I bought my last big green item until things turned around.

Now with legal problems looming because of defective triggers and the management's cover up going back decades, poor customer service and dropping market share, think the writting is on the wall for this once respected business.
Last edited by SupStk on Tue Feb 13, 2018 1:02 pm, edited 1 time in total.
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Re: Remington Is Planning to File for Bankruptcy

Post by lefty o » Tue Feb 13, 2018 1:01 pm

i used to work in the industry, its well known that remingturd has QC issues across their ammo and firearms manufacturing.

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Re: Remington Is Planning to File for Bankruptcy

Post by 1989TransAm » Tue Feb 13, 2018 1:07 pm

lefty o wrote:
Mon Feb 12, 2018 10:28 pm
sanfordandson wrote:
Mon Feb 12, 2018 10:10 pm
exhaustgases wrote:
Mon Feb 12, 2018 10:10 pm


Yeah that keeps up all the Marxist on and in the news media will be screaming to vote for Trump. Or do they hate him more than guns?
Geee they like things they can take away from people like a president and guns.
Sad to see these jobs lost.
they are filing bankruptcy, not closing the plant you ftard!
This ^^^^^^^^

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