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Author Topic: Gun maker Remington files for bankruptcy  (Read 97 times)

Offline Panther97

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Gun maker Remington files for bankruptcy
« on: March 28, 2018, 12:03:17 PM »
According to Fox News 

Its sad to see a 200 year old company go down like that.  From the article:

Firearms manufacturer Remington Outdoor Company has filed for bankruptcy protection in the face of falling sales and lawsuits stemming from the 2012 Sandy Hook Elementary School shooting, the Wall Street Journal reported Sunday night.

According to the Journal, Remington announced that it would file for Chapter 11 last month but the actual filing was delayed after the Feb. 14 shooting at Marjory Stoneman Douglas High School in Parkland, Fla. that killed 17 people.

The paper reported that Remington officials plan to hand over the reins to its creditors in exchange for writing off most of the company's debt. Cerberus Capital Management LP bought Remington for $118 million in 2007, assuming $252 million in debt in the process.

http://www.foxnews.com/us/2018/03/25/gun-maker-remington-files-for-bankruptcy.html

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Gun maker Remington files for bankruptcy
« on: March 28, 2018, 12:03:17 PM »

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Offline masfonos

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Re: Gun maker Remington files for bankruptcy
« Reply #1 on: April 16, 2018, 07:13:02 PM »
It's self inflicted and it has nothing to do with Newtown or any other crap like that. They drove themselves straight into the ground. They used to be a quality maker of good shotguns and rifles that could be passed from one generation to the next. Then they turned out a bad run of rifles with safety issues, then they released that R51 turd before it was ready, recalled it, re-released it, and released the even bigger turd of the RM380. With rebates it was selling for around $150 recently. And the huge RP9? It was just over $200 with rebate recently. The writing was all over the walls.  And it didn't help that their customer service went to hell since the big Cerberus/Freedom Group rollup.

 

Chief Supply Tactical Apparel and Gear for Law, Fire, EMS, Military and Outdoors @chief TekMat