Remington going bankrupt?

postalman · February-10-18 11:02

Read this today. Maybe Remington needs to start a GoFundMe account so they can raise some money. It's not going to come from sales of their handguns!

"Remington Outdoor Company Inc, one of the largest U.S. makers of firearms, has reached out to banks and credit investment funds in search of financing that will allow it to file for bankruptcy," reuters.com reports. "The move comes as Remington reached a forbearance agreement with its creditors this week following a missed coupon payment on its debt." OK, so BIG problem . . .

OV-1D · February-10-18 11:02

Might be the outcome of some other smaller manufacturers without naming names , sorry to say . Maybe that's gun control from the top down instead of visa-versa .

heyjoe · February-10-18 13:02

thats what happens when you put out crap guns with no quality control. Name names OV1D.....i think Seecamp's days are numbered also. i bought a 25 from them and havent been able to get a magazine that works for 22 months now. Their quality has also gone down the toilet.

MR_22 · February-10-18 15:02

Maybe they should have stuck to rifles....

OV-1D · February-10-18 17:02

I'm sure somebody will incorporate with these guys . Government contracts are needed for the off times because just like everything they have ups and downs in the market . Pricing is and always will be a big factor when dealing with the general public which is the last line to staying solvent . Remington made a great 1911 piece , I think at least but for the price one could buy Colts original .

PaducahMichael · February-10-18 21:02

You can still buy a new Remington R1 .45 for around $600. I have one of the regular ones and an R1 "Enhanced". Both are very nice pistols. My version of the enhanced cost about $900 and has a lot of upgrades.

I was an early buyer of the R51 9mm. That was a disaster. Remington traded me the R51 for the above mentioned plain R1. Good trade for me, but I would never buy another new Remington pistol. I won't miss Remington if they go under, but more likely they will sell of some assets ( like Pelican ) and reorganize to come back in another incarnation.

top dog · February-11-18 07:02

Some years back,Remington was taken over by a conglomerate which has done a pretty good job of running Remington into the ground.

Pretty much like back in the early 70s when The Leisure group took over High Standard,Outers,and Sierra bullets. Fortunately Sierra and Outers got out fro that conglomerate's control but HS went away.

Pretty much like when AMF took over HarleDavidson in '64,we know how that went. Fortunately HD came back from the ashes,I think it it employee owned now.

Shame to see stuff like this happen.

Top Dog

PaducahMichael · February-11-18 08:02

.

cbl51 · February-11-18 09:02

I grieve the loss of the old and goodie Marlin 39's. A loss for all rimfire shooters everywhere!

I guess mine are collectors items now.

boone123 · February-11-18 16:02

Their 22 ammo bulk packs are 10 bucks higher than Federal, and the shelves most places I have been are their 22 ammo is not moving. Guess they don't know the 22 ammo shortage is long gone.

boone123 · February-11-18 17:02

Top dog
Those High Standards are discontinued , but they are not all gone. I ran a couple of hundred rounds through one today. Is a Supermatic Trophy. Have several of that brand. All very accurate. Make me look good. One I have I used to shoot Bulls eye target competition for about 10 years. Nothing heavy, just fun..
Only ammo I used was Remington Target Standard Velocity. Never saw a FIF.

pietro · February-11-18 18:02

.

The bean counters that won all their little battles are evidently losing the war.............

.

top dog · February-12-18 07:02

Boone123,
I remember back in the 60s and early 70s,the High Standard target models were pretty much the only gun on the firing line during the pistol clubs National Matches. In fact,during the Summer Olympics in Rome,1960,the entire US team was using High Standards and won the Gold!!!

I still have a High Standard 22lr Derringer,blue. I think that I paid $35. for it way back when.

One of my former co-workers,now deceased had a Supermatic Trophy. I only wish I knew where that was now.

Top Dog

RogueTS1 · February-12-18 10:02

I have always found the .22 lr Golden bullets to be my favorite plinking ammo.

redhawk4 · February-12-18 12:02

Remington had a series of disasters that must have affected them bably. The R51 Pistol and the problems they had when first taking over Marlin spring to mind. If you listen to the internet "opinion" their products are all "crap" now which isn't good for sales. I have fairly recently bought a Marlin 1894 in 44 mag and also one of the RM380 pistols, both have been brilliant in terms of quality, reliability and accuracy. i think they made a lot of mistakes and upset a lot of people which is now taking it's toll even though they have turned thing round on their product side pretty well, but when you put put a lot of defective product you will pay the price.

Texduk3 · February-12-18 16:02

It is a new world.................
but after 2 trips back to Remmy with my 887 shotgun
I can see why.
glad I bought my Marlin 336cs (.35) in '84

heyjoe · February-12-18 17:02

once you lose your good reputation in the gun world...as well as other spheres of endeavor, it is very very hard to ever get it back.

redhawk4 · February-12-18 17:02

I got my rebate check today for $100 for my RM380 which cost a massive $123 with the rebate, if you have a gun that the retailer can mark down to $223 and then you can get a $100 rebate that rather indicates some desperation. My only complaint about my RM380 is that I should have bought 2. My 1894 Marlin is a fantastic rifle, great finish and fit and even with my old eyesight I can shoot cloverleafs and several in the same hole at 25 yds with just a peep sight - even better when you paid about half the suggested retail for it. I would argue the current production Marlins are probably the best they've ever made, but once your reputation is ruined in the gun world, and with the internet for it to be broadcast over, again and again for decades, most won't give you a chance to redeem yourself, no matter how good current production may be.

I'd imagine a few gun makers need to take care in the current market, not so long ago they could sell just about all they could build at premium prices, now sales have slowed quite a bit and prices are becoming softer with more discounts, it would be easy for someone to overstretch themselves and think the bubble would never burst.

redhawk4 · February-13-18 08:02

Well it's in the news today about the bankruptcy.

http://www.foxbusiness.com/markets/2018/02/13/gunmaker-remington-to-file-for-bankruptcy.html

I really didn't follow the bit about their sales falling because one of their guns was used at Sandy Hook, in fact I'd never heard that was the case, seems like they may be trying to blame something else rather than admit to mismanagement of the whole company.

Texduk3 · February-13-18 16:02

Sandy Hook has nothing to do with their finances Imo
Throwing in the bushmaster as the reason for their issues is just poor reporting

redhawk4 · February-13-18 19:02

It doesn't seem like an incident like Sandy Hook would affect decisions to buy products, AR15 sales were very buoyant in recent times. You my get sued or have some left wing crazies after you, but the average gun buyer is not going to have their decision affected by what some loser living in his mother's basement decided to do, regardless of how loathsome that action was.

I'm pretty sure that's either an excuse for how things have turned out or is just "political comment" added to the story.

heyjoe · February-14-18 09:02

sales of AR 15 skyrocketed after sandy hook

OV-1D · February-14-18 09:02

The best advertising is done by the news media in all its glory .

HeyJoe are you guys ever going to get your weather straightened out up there ?

Surculus · February-14-18 13:02

Remington has been BK for *years*; the Freedom Group has just sucked all the life out of it and saddled it with insurmountable debt so their executive suite could get some nice big bonuses before they kick it to the curb [as they are now doing.]

I feel bad for the employees [old & new both: those left behind @ Ilion and the newbies in AL] who're going to be the ones taking it in the shorts with this. Hopefully, one of the competently-run gun co's will buy the facilities & tooling for pennies on the $ and salvage something from this debacle.

Hey Sandy, you up for a challenge?

Uncle Fatso · February-14-18 15:02

Pity the geniuses at Marlin didn't crank out a bunch of .357 carbines, which have been in great demand and short supply for several years.

theysayimnotme · February-14-18 18:02

It's all Trump's fault. After the election the panic buying ended. If Billery was president the ammo shelves would still be empty & the gun companies would be running overtime.

PaducahMichael · February-15-18 09:02

I never had an AR style rifle. Didn't know if I really wanted one. BUT a couple of weeks before the election I bought a SIG 516 Patrol and 2500 rounds of ammo.

My thinking was that if clinton won the election, I might not EVER be able to buy one.

Now I'm glad I bought it - I really, really like it!

redhawk4 · February-16-18 08:02

Here's an article with more information, no mention or blame on Sandy Hook.

https://www.gunsamerica.com/blog/remington-files-bankruptcy-gun/?utm_source=email&utm_medium=20180216_FridayDigest_161&utm_campaign=/blog/remington-files-bankruptcy-gun/

OV-1D · February-16-18 09:02

Quote from: PaducahMichael on February-15-18 09:02
I never had an AR style rifle. Didn't know if I really wanted one. BUT a couple of weeks before the election I bought a SIG 516 Patrol and 2500 rounds of ammo.

My thinking was that if clinton won the election, I might not EVER be able to buy one.

Now I'm glad I bought it - I really, really like it!

Hey MIke the way you said that at the end ......aaahhhh kinda makes me want to report you to law enforcement , ha . Stay away from schools and churches and any crowds for that matter .

PaducahMichael · February-17-18 12:02

OV, if I ever shoot it in earnest, EVERYONE will be glad I have it.

Uncle_Lee · February-18-18 05:02

Quote from: PaducahMichael on February-17-18 12:02
OV, if I ever shoot it in earnest, EVERYONE will be glad I have it.

And everyone will wish they had bought one.

billt460 · February-18-18 06:02

Remington can still pull out of this. But it will take Cerberus Capitol Management being willing to sell at a loss to their investors. That's hard to do without people dumping Freedom Group stock all together. Which will drive them into an even deeper hole. Remington's problem is not it's products, but rather it's baggage. Both financial and legal. Law suits and payouts over the Walker and X-Pro Trigger systems have drained them financially over the years. And all the while most all of the owners including DuPont, took from the company, and added nothing to it in regards to modernization of equipment. All the while that was taking place overpaid union employees were milking them dry.

Add it all up and the old gal has nothing left to give. If they get sold cheap enough to a company with enough venture capital to invest in it, and at the same time be willing to be patient enough before seeing a return on their investment, they could turn the company around. But they also need better marketing. In that they need to stick with proven products that have sold well over the years. And stop with the cheap, non 1911 pistols, and other loser products that no one is currently buying, or is ever going to buy. And of course the, "Trump gun glut" isn't helping anyone in the firearms business. Sales of all the major gun manufacturers is way off, compared to what it's been for the last 8 years living under fear of increased legislation that no longer exists.