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Home Main Forums Latest Breaking News Remington Is Planning to File for Bankruptcy

  • LiberalArkie (4165 posts)
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    Remington Is Planning to File for Bankruptcy

    Snip

    Representatives for the Madison, North Carolina-based company and Cerberus didn’t immediately respond to requests for comment.

    Remington’s fortunes took a hit along with other gunmakers after the election of Donald Trump, a self-proclaimed “true friend” of the gun industry. Hillary Clinton’s defeat meant customers became less worried about losing access to weapons. Sales plummeted, and retailers stopped re-ordering as they found themselves stuffed with unsold inventory they’d built up in anticipation of a Clinton presidency.

    The company’s reputation also has hurt efforts to line up new investors. Remington came under unwanted scrutiny and litigation after the massacre of 20 children and six adults at the Sandy Hook Elementary School in Newtown, Connecticut, in which the gunman carried a small arsenal that included a Remington Bushmaster assault rifle.

     

    Snip

     

    https://www.bloomberg.com/news/articles/2018-02-12/cerberus-s-remington-will-cede-control-to-lenders-in-bankruptcy

    ThomPaine, Eleanors38, eridani and 9 othersPADemD, Pastiche, h-32, iggy, A little weird, Baba OhReally, Ohio Barbarian, NV Wino, Scott Crowder like this

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9 replies
  • Scott Crowder (709 posts)
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    1. So the less paranoid the right is the worse it is for the weapons dealers.

    You know they will note this and in the future make certain that the rights paranoia levels remain sufficiently high.  Remington is a big name.

    Think of all the “moderates” who, throughout history, have failed to oppose state-sanctioned aggression, oppression, and abuse, from slavery to child labor, while maligning those who call for change as dangerous and misguided, violent radicals. And yet, in retrospect, when a renewed social contract is established as the new normal, the unlawful actions that brought about these societal shifts are turned into mythical tales of nationalistic heroism and dates for kids to memorize at school.
    https://limitedhangoutblog.com/2017/02/08/lets-talk-about-violence/
    • ThomPaine (5034 posts)
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      8. I a lot of cases the ups and downs of the market are what make the

      insiders rich.  I bet the execs got big bonuses when the market went up and now when it goes down, they need bankruptcy help.

  • NV Wino (6230 posts)
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    2. This shows what a bizarre era we live in.

    Hillary Clinton’s defeat meant customers became less worried about losing access to weapons. Sales plummeted, and retailers stopped re-ordering as they found themselves stuffed with unsold inventory they’d built up in anticipation of a Clinton presidency.

    🤦‍♀️ Like Hillary, the war monger, would take away anyone’s guns.

    Resist-sm_zpswfchkz8t “As we act, let us not become the evil that we deplore.” Barbara Lee  
    • zoolook67 (629 posts)
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      7. I remember when Obama was elected

      my gullible neighbors went out and stood in line to stock up on ammo. Stores were actually

      running out of stock! Otherwise normal people.

      Living well is the best revenge.
  • Ohio Barbarian (7197 posts)
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    3. Irony can be a wonderful thing.

    Ignorance is the foundation of tyranny.   
  • Gryneos (2158 posts)
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    4. I'm more surprised

    that they don’t have military contracts.

    "That's Jeff Vader, that is."__"I am not Jeff Vader, I am Darth Vader."__"What, Jeff Vader runs the Deathstar?"__"No, Jeff… No, I run the Deathstar."__"You Jeff Vader?"__"No, I'm Darth Vader!"__"Are you his brother? Can you get his autograph?"__"I can't get it… No, I'm… All right, I'm Jeff Vader! I'm Jeff Vader!"__"Can I have your autograph?"__"No, fuck off, or I'll kill you with a tray! Give me penne a la arabiata or you shall die. And you, and everyone in this canteen! Death by tray it shall be!" Eddie Izzard, Circle
  • MistaP (7342 posts)
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    5. live by the sword, die by the sword!

    Trump (and Clinton) have such a way of making the whole world go all widdershins

    and besides, wouldn’t Sandy Hook be an endorsement of the Bushmaster’s performance?

    http://www.salon.com/2016/11/09/the-hillary-clinton-campaign-intentionally-created-donald-trump-with-its-pied-piper-strategy/ (Third Way = Bell Curve)
    • ThomPaine (5034 posts)
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      9. So who do you think is "dying" in this case? I bet the execs aren't losing a

      cent.

  • Eleanors38 (883 posts)
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    6. Some more prosaic reasons…

    Remington was slow to respond to the sales threat posed by Benelli (and other) auto-loading shotguns, and slow to bring on new rifle products when competitors (some little more than boutique in size) were offering more accurate hunting guns for a lower price.  Then there is the recent, grossly-muffed debut of its new auto-loading pistol.  In short, Remington to some degree, suffered the same fate as legacy legend Winchester, when it shut its New Haven doors in the early 2000s after years of falling behind and deterioating products.

    While some will think Remington serves as a head-on-the-pike victory for gun control, other firearms manufacturers (abroad, in this country — notably, Sturm-Ruger and nearly bankrupt Savage — even small, new start-ups using the latest CNC machines), continued to prosper.  More broadly, in some ways Remington (and Winchester) suffered the fate as U.S. auto manufacturers when they got a hard elbow from the Japanese:  They had forgotten how to make good firearms.

    NOTES:  Winchester started its downhill slide by the mid-60s when an innovative legacy competitor displaced it as the numero uno rifle and shotgun seller.  That competitor was Remington.

    I have used a Remington 870 pump shotgun since 1961, but purchased a 1990s 870 because of its swap-out chokes.  The 1961 looks and works better.