Remington Prepares for Bankruptcy

[Old Dog]

Since the Freedom group bought up so many other companies is it possible that there will be additional bankruptcies in the near future? Is it possible that this is a concerted effort to shut down the gun industry by gun hating big investors? Buy it up, bleed it down, then shut it down. This action was predicted by some several years ago.

 

[Lwright]

The free market will always create more if there is a demand.

 

[MarkC]

I have a nice late 1970's 870 that I bought from my agency when we "upgraded" to new 870's in the early 1990's. I would be hard pressed to find something of that quality from Remington today, from what it sounds like.

 

[Expat]

I was raised in a Remington family. The first gun I owned was an 870. Santa brought it for the Christmas of 72

 

[VERT]

Comparing Winchester to Browning..............aren't both owned by same company (and have been for some time)?

Yes Browning, FN, Winchester are the same. And not all Browning marked merchandise are automatically better quality.

 

[seedubs1]

That sucks. I love a nice 700.

 

[DeadeyeChrista'sdad]

Still waiting for those S.O.B.'s at Powerball to come through...

 

[hoosierdaddy1976]

I have an old Sportsman 12 pump. Still looks decent and just doesn’t quit running.

 

[bwframe]

Magpul should buy them.

 

[BigMoose]

It is important to note that it is the HOLDING company that went Bankrupt. Remington Outdoor (which is the name Freedom Group took)

This includes ALL of the Following.

Remington
Bushmaster
Advanced Armament
Marlin Firearms
H & R Firearms
Dakota Arms
Para USA
Parker Gun
Tapco
Barnes Bullets
Mountain Khakis

https://en.wikipedia.org/wiki/Remington_Outdoor_Company

 

[SnoopLoggyDog]

I was mad when H&R was bought out and closed. No more Handi-Rifles or fitting of extra barrels in different calibers. Maybe not a super popular firearm, but their customer base was rock solid.

Have a 1980's era 870 that will stay in the family. The QC on the current crop of Remington products is abysmal.

 

[BigMoose]

Freedom Group, and now Remington Outdoor bought multiple quality old gunmakers and just drove them to the ground.

Marlin.... they tried to take all the old machines to Ilion and hire new people to work on them. Didn't work as it turned out the machines were kinda old and worn and the replacement people didn't know the little tweakes and hand fitment to make the guns right.
Bushmaster... Moved to Ilion and drove into the group.
DPMS... same deal.
H&R shell of what it was..

one thing someone will snap up is the old UMC (Remington Ammo) group in Arkansas. They will get snapped up by someone, maybe to try and save the rest.

 

[BigMoose]

Thankfully, Bushmaster is still with us in reality. Wyndham Weaponry... I wonder if they want the Bushmaster name back.

 

[WebSnyper]

R51, the flop that was their Not-a-Glock, 700/model seven rifle recall for firing without pulling the trigger... The only things they marketed heavily were complete failures, they've failed to capitalize on their most well known legacy products so this was just a matter of time. Let's see if they've borrowed heavily and management sucked them dry like happened to Colt.

From what the article states they have a ton of debt coming up in the very short term that is selling for pennies on the dollar. Though I don't know when that debt originated, I'm guessing the assessment of borrowing heavily and being sucked dry is accurate.

The Madison, North Carolina-based gun manufacturer faces a maturity of an approximately $550 million term loan in 2019. Remington also has $250 million of bonds that come due in 2020 and are trading at a significant discount to their face value at around 16 cents on the dollar, according to Thomson Reuters data, indicating investor concerns about repayment.
The term loan maturing next year is also trading at a significant discount to full value, at around 50 cents on the dollar, the sources said.

Yes Browning, FN, Winchester are the same. And not all Browning marked merchandise are automatically better quality.

Yep, Browning puts its name on a lot of stuff that hasn't been/isn't the best quality either and has things that are branded Browning but not made by them... have a gear stripped out fishing reel or 2 with their name on it that parts are not available for due to their not really being the manufacturer, etc.

 

[Restroyer]

None of their stuff has been worth a crap since Freedom Group took over all that stuff anyway.

I disagree. They aren't the same quality as old times but they are not crap either. I bought a Remington V3 Sport 12 gauge shotgun last August and it's been reliable and a very good purchase. Sad to see Remington go. Hopefully, someone who cares about the name & tradition will salvage them.

 

[snapping turtle]

Comparing Winchester to Browning..............aren't both owned by same company (and have been for some time)?

Sorry old person here.

Us repeating arms is not winchester and us repeating arms is not browning. currently the winchester name is owned by Herstal Group. The main thing that ties them together is the same plant in Japan now makes the browning and winchester classic line lever guns. I think maybe some American made bolt maybe but most stuff is Belgium parts made in Portugal. Classic Winchester’s should say new haven Connecticut. Those without new haven on the barrel are Winchester by name only.

I am going into the way back machine. Truthfully I think the Herstal Group bought the name. FN Herstal does own the winchester name but not till post 1990. Winchesters true downfall came pre 1981. Fn Herstal was able to purchase winchester after us repeating arms went under. I loved what is repeating arms was doing just did not work out for them. Winchester’s downfall came long before they went under. Many would say post 1963. Olin Corp still makes the ammo.

I guess I am pulling off the flash of the AARP card. Or the “get off my lawn” card.

 

[gregkl]

The whole idea of private equity firms or whatever they decide to call themselves is to buy a company, often times a struggling one, take cost out of the business, get the books to look good and then dump it.

Then another PE group buys it and does the same thing. But now, they are cutting bone.

If you look historically on these types of business deals across all industries, most of the time the companies that they buy are either a shell of what they once were or are gone completely. The winners; the guys who own and run the PE group.

If you saw the move Pretty Woman, that's what Richard Gere's company did before Julia gave him a conscience. But that was Hollywood.

I will not work for a company owned by a PE group again.

 

[churchmouse]

The whole idea of private equity firms or whatever they decide to call themselves is to buy a company, often times a struggling one, take cost out of the business, get the books to look good and then dump it.

Then another PE group buys it and does the same thing. But now, they are cutting bone.

If you look historically on these types of business deals across all industries, most of the time the companies that they buy are either a shell of what they once were or are gone completely. The winners; the guys who own and run the PE group.

If you saw the move Pretty Woman, that's what Richard Gere's company did before Julia gave him a conscience. But that was Hollywood.

I will not work for a company owned by a PE group again.

I have seen this second hand servicing operations that were consumed by PE companys. You know when the end is near because it is tough to get paid if you ever do.

 

[Pull Trigger Goes Bang]

Last month Remington was offering a $100 rebate on purchases of the RM380. I went for that deal and sent my rebate off before the deadline. I'm worried that I have just become an unsecured creditor of Remington Outdoor Company, Inc.

At least it shoots nice.

 

[M67]

It is important to note that it is the HOLDING company that went Bankrupt. Remington Outdoor (which is the name Freedom Group took)

This includes ALL of the Following.

Remington
Bushmaster
Advanced Armament
Marlin Firearms
H & R Firearms
Dakota Arms
Para USA
Parker Gun
Tapco
Barnes Bullets
Mountain Khakis

https://en.wikipedia.org/wiki/Remington_Outdoor_Company

This should also include Storm Lake barrels, unless someone bought them from FG