Remington files for Bankrupcy

Shooting in the news and political arena.

Remington files for Bankrupcy

Post by Homer » 13 Feb 2018, 7:37 am

G'Day Fella's,

FYI.
https://www.bloomberg.com/news/articles ... bankruptcy

Double D'oh!!
Homer
Homer
Sergeant
Sergeant
 
Posts: 351
Australian Capital Territory

Re: Remington files for Bankrupcy

Post by eddahenry » 13 Feb 2018, 8:10 am

Not filing for bankruptcy .. files for bankruptcy protection with there’s creditors , it’s them saying ha we need a hand ,, if ya lone us anothrr 100mill we will give you control of the company , pretty much selling without selling in case they don’t make I think Work
eddahenry
Lance Corporal
Lance Corporal
 
Posts: 71
Western Australia

Re: Remington files for Bankrupcy

Post by Gamerancher » 13 Feb 2018, 10:19 am

Bloomberg press ---- the most anti-gun nutjobs in the business.
User avatar
Gamerancher
Lieutenant
Lieutenant
 
Posts: 1127
New South Wales

Re: Remington files for Bankrupcy

Post by Gwion » 13 Feb 2018, 10:43 am

Gamerancher wrote:Bloomberg press ---- the most anti-gun nutjobs in the business.


Are they? Imagine the party they had when they published that article, then! :lol:

It was quite a balanced artcle, though. Even went so far as to point out the paradox that the anti gun movement actually drives up gun sales in the States, whereas supporting firearms ownership actually drove sales down.

Also interesting that Trumps buddy acquired Rem and immediately lumped it with a billion in debt...
What the hell is the ligic there? Acquire and destroy...??? :unknown:
User avatar
Gwion
Field Marshal
Field Marshal
 
Posts: 4789
-

Re: Remington files for Bankrupcy

Post by Gamerancher » 13 Feb 2018, 11:01 am

I see where you are coming from, yes, Obummer was the greatest gun salesman the U.S ever had.
I don't know about balanced when they start ranting about mass shootings and how the Australian government "fixed" the problem.
Bloomberg puts billions into anti-gun campaigns, they certainly would have had a party over this story.
Funny thing is that if you take out just five cities, N.Y, L.A, Chicago, New Orleans and the 5th eludes me at the moment, anyway they also have the "toughest" gun laws, the statistics for gun crime in the U.S plummet to somewhere near the bottom of the list.
You'll have to take this at face value because at the moment I can't be f%cked delving into my files to quote the source. :oops:
User avatar
Gamerancher
Lieutenant
Lieutenant
 
Posts: 1127
New South Wales

Re: Remington files for Bankrupcy

Post by Gwion » 13 Feb 2018, 11:07 am

Gamerancher wrote:I don't know about balanced when they start ranting about mass shootings and how the Australian government "fixed" the problem.


Must have reached the end of my attention span before getting to that bit! :lol:


I believe Philadelphia and DC are quite up there for shooting stats as well...
User avatar
Gwion
Field Marshal
Field Marshal
 
Posts: 4789
-

Re: Remington files for Bankrupcy

Post by Gamerancher » 13 Feb 2018, 11:29 am

Yeah I couldn't make it to the end either, BS quota exceeded. :roll:

What are you doing hanging around the 'puter instead of doing all of those jobs around the place?
I'm waiting on phone calls about jobs I've quoted, what's your excuse? ;) :drinks:
User avatar
Gamerancher
Lieutenant
Lieutenant
 
Posts: 1127
New South Wales

Re: Remington files for Bankrupcy

Post by Gwion » 13 Feb 2018, 12:58 pm

Most jobs done for the moment. Doing loads of washing after guests. Tidying the kitchen after dinner service last night. Prepare fore more guests tomorrow.....

Wednesday is beer kegging.
Tomorrow is stocking for guest meals and shopping for new cumputer.....
Thursday set up new puter and crunch numbers from last 2 months, set prices... strategise beer sales.... get onto my mate and see how he's going with my new website...

I'll start a thread with some picks of completed projects.
User avatar
Gwion
Field Marshal
Field Marshal
 
Posts: 4789
-

Re: Remington files for Bankrupcy

Post by wrenchman » 14 Feb 2018, 12:07 am

alot of the new stuff they have been makeing have had lots of problims every hand gun they have put out has been junk with feeding issues there was jokes going around
about bolts comeing off the 710 the 783 seems to be doing good and the old stand bys like the 700 and the 870 are doing good..
They are a well loved gun maker here it would be nice to see them turn it around.
wrenchman
Lieutenant
Lieutenant
 
Posts: 1042
United States of America

Re: Remington files for Bankrupcy

Post by PaddyT » 14 Feb 2018, 8:35 am

Chapter 11 is quite a good piece of corporate law- it allows a company to fend off creditors for a period of time whilst they attempt to restructure and trade their way out of trouble. It does provide a lot of protection for creditors. Hopefully Remington can sort out their problems
PaddyT
Corporal
Corporal
 
Posts: 111
New South Wales

Re: Remington files for Bankrupcy

Post by wanneroo » 15 Feb 2018, 1:59 am

There are some private equity or investment companies that build companies up, make them profitable and then sell them on. There are others that buy a brand name, cut every penny they can, mooch off the name for a while and bleed it all out and then dispose of the carcass in bankruptcy or some other sale. Cerberus/Freedom Group seemed to have that last philosophy with all the brands they bought. Remington has been having issues for a while now here in the USA. They've had multiple recalls and duds in the market. The R51 pistol they released bombed and the Glock like RP9 also bombed. The RP9 was supposed to have a list price over $400, but with a rebate some vendors have been selling them for less than $200.

Whatever hope people have for Remington, it will not be with these owners. Remington has been around for almost 200 years so I'm sure it will continue somehow.
wanneroo
Corporal
Corporal
 
Posts: 193
United States of America

Re: Remington files for Bankrupcy

Post by Norton » 15 Feb 2018, 1:46 pm

Yeah, someone will pick it up and try to turn it around I reckon.

They'd have a ****** of resources behind them, and the brand recognition. Someone who can run the business better will be able to turn that into $$$$$
CZ 550 American Safari Magnum in .416 Rigby

Other puny calibre rifles... What man would want you now?
User avatar
Norton
Lieutenant
Lieutenant
 
Posts: 1030
Queensland

Re: Remington files for Bankrupcy

Post by Gwion » 15 Feb 2018, 1:51 pm

wanneroo wrote:There are others that buy a brand name, cut every penny they can, mooch off the name for a while and bleed it all out and then dispose of the carcass in bankruptcy or some other sale. Cerberus/Freedom Group seemed to have that last philosophy with all the brands they bought.


Reckon you hit the nail on the head.
User avatar
Gwion
Field Marshal
Field Marshal
 
Posts: 4789
-

Re: Remington files for Bankrupcy

Post by bigfellascott » 15 Feb 2018, 8:29 pm

I'm sure they will be back churning out crap soon enough.
User avatar
bigfellascott
Field Marshal
Field Marshal
 
Posts: 4940
-

Re: Remington files for Bankrupcy

Post by wanneroo » 16 Feb 2018, 1:42 am

bigfellascott wrote:I'm sure they will be back churning out crap soon enough.


They are in Chapter 11 not Chapter 7 so things continue as usual for now. Chapter 7 is liquidation. Apparently they did a deal to sell a stake to their creditors and other investors for debt forgiveness and a cash injection.

They blame the bad market conditions for their issues. But that isn't true. Gun sales are as strong as ever according to the number of background checks conducted. The issue is for them is the gun market has a lot of new players with competitive products and Remington can't get away with selling crap or substandard products.
wanneroo
Corporal
Corporal
 
Posts: 193
United States of America

Re: Remington files for Bankrupcy

Post by Gamerancher » 16 Feb 2018, 8:30 am

So people have finally realized that Remington have been selling crap for ages then?
User avatar
Gamerancher
Lieutenant
Lieutenant
 
Posts: 1127
New South Wales

Re: Remington files for Bankrupcy

Post by sungazer » 16 Feb 2018, 8:44 am

I'm not so sure someone will put their hand in their pocket to bail them out. The recent bad performance and the recall may be too much to overcome. I think the only reason people are buying Remington is because of the 700 action that they can put into aftermarket parts.
sungazer
Major
Major
 
Posts: 1612
Other

Re: Remington files for Bankrupcy

Post by Gamerancher » 16 Feb 2018, 8:54 am

My point exactly. The good old 700 action. The "plumbers" rifle.
Really good once you throw away all of the factory parts, get the action "accurized", then spend a bunch of money on aftermarket parts.
Why not just buy a better rifle to start with that just works straight out of the box? :unknown:
User avatar
Gamerancher
Lieutenant
Lieutenant
 
Posts: 1127
New South Wales

Next

Back to top
 
Return to Media and politics