Remington files for Bankrupcy

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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!!
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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
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Re: Remington files for Bankrupcy

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

Bloomberg press ---- the most anti-gun nutjobs in the business.
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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:
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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:
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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...
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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:
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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.
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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.
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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
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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.
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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 $$$$$
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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.
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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.
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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.
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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?
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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.
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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:
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Re: Remington files for Bankrupcy

Post by sungazer » 16 Feb 2018, 9:10 am

I dont know if I got lucky as I sent off my Remington 700 to a top gunsmith that really does deal in the pointy end of accuracy. It was for fitting a new match grade barrel and we discussed having a look at the action and doing some work if it needed it. Well it turned out even after checking the action carefully that there were no surfaces that needed squaring up or changing even the bolt checked out. I think that "accurized" or accurizing of the action may be a oversell on everyone's part. Gunsmiths certainly want to do a bit more to pad out the bill the customers are happy to be able to put that in the add when they sell a gun whether it has been done or not.

Anyway I am just as guilty as I did replace the trigger the original wasn't that bad but I really like the new one. Not for everyone as it is a two stage but I like the what some call creep. I don't consider it as that as it is a totally different weight of pull. then you quite clearly get to the wall or break point from there it is nearly an unconscious movement. If I am in a competition with a wind coach I can be on target with the first stage taken up and wait for as long as it takes until he gives the go ahead and then its just gone. Or if you are making the call you can easily just let the trigger out again.
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Re: Remington files for Bankrupcy

Post by marksman » 17 Feb 2018, 5:05 pm

Gamerancher wrote: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:


very very true :thumbsup:
“If you do not read the newspapers you are uninformed. If you do read the newspapers you are misinformed”. Mark Twain
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Re: Remington files for Bankrupcy

Post by Member-Deleted » 17 Feb 2018, 7:40 pm

Yeh Marksman sako , expensive but good enough not to have to spend money on it after buying it
I looked into all that before buying sako's and whilst buying them not knocking other brands , sako has slipped since Berretta
took over but I think sako's are still worth buying at their prices and have the edge on other brands for not having to buy
after market bits
And in saying that I think they could do better with their stocks , very slap happy job on them
Remington used to be a good brand years ago almost on a par with sako so I hope Berretta don't go the same way as Remington
although I think it's already started
I know some others will disagree with my thinking as they may have had a good run with other brands but this thread is only my opinion
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Re: Remington files for Bankrupcy

Post by sungazer » 17 Feb 2018, 8:07 pm

I have to say I expected a bit more flash in the wood on my Sako I expected the bolt to glide like it was on ball bearing rollers ect. Its a nicer gun than a lot of other but not head and shoulders better I think. I have seen some pretty flash ones on this site. I find it does get hard to put a price on a gun now for me though. Howa put out a pretty good gun other than the stock so think of it as buying a barrelled action and adding a stock. I know to much hassel for some but they are a good solid performer for such a good price. If I wanted a good solid and accurate gun I would go custom and get a Barnard action a match grade barrel and either build a stock or buy a GRS stock for it. Thats going to be near the 4 grand mark. However on abused guns this morning I saw a Remington 700 police that had been tricked out that was trying to be sold for 8 grand they guy recons it cost him 9 I just cant see how that could be in the realm of possible.
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Re: Remington files for Bankrupcy

Post by Gamerancher » 18 Feb 2018, 9:10 am

Someone in a gun shop saw a sucker and fleeced him for all he could.
Bit like aftermarket 4x4 stuff, salesman will keep telling you that you can't do without it, and just keep going until you run out of cash/credit limit.
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Re: Remington files for Bankrupcy

Post by wrenchman » 19 Feb 2018, 9:52 am

i have a 700 older model the action is very nice and the triger is nice in the 80s they started makeing them with what we call lawyer trigers most guys have them adjusted or replaced you can hold the guns up with the thing and it wont snap.
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Re: Remington files for Bankrupcy

Post by marksman » 20 Feb 2018, 8:21 am

this is the type of thing remington did and I think would have to do with them not doing as well as they should have, money first :thumbsdown:
www.cnbc.com/2014/12/05/remington-to-re ... ggers.html
“If you do not read the newspapers you are uninformed. If you do read the newspapers you are misinformed”. Mark Twain
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