How America’s oldest gunmaker went bankrupt

[Graywolf.260]

How America’s Oldest Gun Maker Went Bankrupt: A Financial Engineering Mystery (Published 2019)

When a secretive private equity firm bought Remington, sales were strong and the future bright. A decade later, the company couldn’t escape its debts.

www.nytimes.com

 

[deersniper]

Cerberus has the crap touch. They destroy everything they touch.

Skimming over that book of a news article, I put those people in the same category as the oligharchy. Making schemes to steal money from the people actually working and producing something.


This oligharchy /big business merger is bad news. We haven't been a free market capitalist country for a long time. We are being fleeced by the organized crime .gov and .bigbusiness

 

[ArmyJerry]

I think its just organize criminal big gov.

 

[Maggot]

I think its just organize criminal big gov.

Might as well give it a letter title like all the rest.

BMIC

Banking Military Industrial Complex

 

[armorpl8chikn]

Do you think the company is named Cerberus for shits and giggles?
All part of a plan that is easily seen.

 

[Maggot]

Do you think the company is named Cerberus for shits and giggles?
All part of a plan that is easily seen.

I noted that.

The firm, Cerberus Capital Management, takes its name from the three-headed, dragon-tailed dog who, in Greek mythology, stands guard at the gates of Hades.

https://r.search.yahoo.com/_ylt=AwrJ6yq.is1caUAA43hXNyoA;_ylu=X3oDMTEya29oZXRkBGNvbG8DYmYxBHBvcwMxBHZ0aWQDQjY4MjFfMQRzZWMDc3I-/RV=2/RE=1557003071/RO=10/RU=https%3a%2f%2fen.wikipedia.org%2fwiki%2fCerberus/RK=2/RS=NDjTGBVRHvoRw0dTbFWRzNpixRY-

 

[MarinePMI]

Meh...private equity firms are just like any other Inc or Corporate Board. Good leaders = Good business. Shitty Leaders = Dying business.

It's always about the leadership. I've seen my share of various VC (Venture Capitalist), holding companies (Carlyle Group) and various Boards of Directors (GEC, Marconi, BAE Systems, General Dynamics, General Atomics, etc.). When ever and where ever the leadership was toxic, self serving, and solely profit driven...the company suffered.

IMHO, it's (like leadership at the lowest level) all a balance of mission accomplishment (profits) and troop welfare (employee morale).

Cerebus was, is, and probably always will be, toxic. Period. I can think of a couple others in this industry, but I'll bite my tongue for now.

 

[ArmyJerry]

the problem I have is when fed gov bails out these same myuther fuckers,,, let them starve and die,

 

[Rthur]

the problem I have is when fed gov bails out these same myuther fuckers,,, let them starve and die,

You misspelled tax payer...

R

 

[Maggot]

Snipers Hide members should pool our $$$ with all LowLights big money and buy Remington. Then we'd own the base for all the S/H Sabre Rifles.

Excellent read BTW, thanks.

 

[Spartan67]

I used to be a Remington Employee until very recently. When I was hired in Oct of 2018, I asked if there was any plans for a layoff, due to the current history of them having one as early as 2 years ago. I was told that the plant ( in Ilion) was very busy, with many contracts that needed to be filled for years to come. After my 5 week training period, I noticed a continue lack of work. Not just for me, but for I would say 15-20% of my department, Needless to say, March 10th, layoffs were announced.
Management had to see the downturn in business that was only less than 6 month away.
I saw the quality of parts that looked like shit, and was just passed down the line to the next station. QC control was always catching something in the warehouse when they did an audit, sending all the supervisors, and engineers running around.

A Remington logo around here used to mean something to be proud of, not anymore.

 

[Spblademaker]

That sucks Spartan. But your gut knew it was coming. Never believe the suits.

 

[Soulezoo]

Eliphelet Remington is an ancestor of mine, he would be really sad I'm sure.

 

[Rootshot]

I used to be a Remington Employee until very recently. When I was hired in Oct of 2018, I asked if there was any plans for a layoff, due to the current history of them having one as early as 2 years ago. I was told that the plant ( in Ilion) was very busy, with many contracts that needed to be filled for years to come. After my 5 week training period, I noticed a continue lack of work. Not just for me, but for I would say 15-20% of my department, Needless to say, March 10th, layoffs were announced.
Management had to see the downturn in business that was only less than 6 month away.
I saw the quality of parts that looked like shit, and was just passed down the line to the next station. QC control was always catching something in the warehouse when they did an audit, sending all the supervisors, and engineers running around.

A Remington logo around here used to mean something to be proud of, not anymore.

@spartan67 - I'm curious why it sounds like the employees were not busy yet product quality was poor. I generally think of poor quality as a function of production overdrive. It sounds like there was some poor management oversight, but it also appears the employees frankly didn't care about the product they were producing.

 

[TheGerman]

Step 1 - Don't innovate ANYTHING for basically 25 years
Step 2 - Get bought by some shit tier private equity firm full of dumb fuck MBA types who think they can game the system
Step 3 - Cut corners on everything from QC to materials and turn out products that are inferior to the exact same ones you made 20+ years ago
Step 4 - Think the .mil is equally as stupid as your commercial customers and do the exact same thing on your .mil contracts
Step 5 - Lose/don't get orders from .mil contracts on your inferior bullshit
Step 6 - Try to sell inferior .mil bullshit that the .mil didn't want to consumers for 10x the price of comparable, higher quality offerings elsewhere
Step 7 - Double down on retard and instead of reorganizing your production of existing product lines that used to be the gold standard (pump and semi shotgun, Rem700), put out a handgun that makes a Jenning's look like a work of fucking art
Step 8 - Stand there with a perpetual dumb look on your face and say things like, 'its the economy' and 'people have stopped buying firearms'.
Step 9 - Go bankrupt and get laughed at by everyone.

Whoever runs that equity group and was in charge of Remington is definitely a finalist for 'needs to be shot in the face, at close range'. But we'll do it with a new production Remington, so there's like a decent chance it'll jam or rust or something.

 

[Rthur]

Step 1 - Don't innovate ANYTHING for basically 25 years
Step 2 - Get bought by some shit tier private equity firm full of dumb fuck MBA types who think they can game the system
Step 3 - Cut corners on everything from QC to materials and turn out products that are inferior to the exact same ones you made 20+ years ago
Step 4 - Think the .mil is equally as stupid as your commercial customers and do the exact same thing on your .mil contracts
Step 5 - Lose/don't get orders from .mil contracts on your inferior bullshit
Step 6 - Try to sell inferior .mil bullshit that the .mil didn't want to consumers for 10x the price of comparable, higher quality offerings elsewhere
Step 7 - Double down on retard and instead of reorganizing your production of existing product lines that used to be the gold standard (pump and semi shotgun, Rem700), put out a handgun that makes a Jenning's look like a work of fucking art
Step 8 - Stand there with a perpetual dumb look on your face and say things like, 'its the economy' and 'people have stopped buying firearms'.
Step 9 - Go bankrupt and get laughed at by everyone.

Whoever runs that equity group and was in charge of Remington is definitely a finalist for 'needs to be shot in the face, at close range'. But we'll do it with a new production Remington, so there's like a decent chance it'll jam or rust or something.

Maybe after these fucks get done pissing up a rope there will be enough left
for a decent business to buy for pennies on the dollar and unfuck Big Green.

R

 

[Veer_G]

Snipers Hide members should pool our $$$ with all LowLights big money and buy Remington. Then we'd own the base for all the S/H Sabre Rifles.

Excellent read BTW, thanks.

I thought we were going to conquer Cuba first and then all become rich sugar cane plantation owners?



Chick, chicky, boom, chick, chicky, boom ...

 

[1J04]

I thought we were going to conquer Cuba first and then all become rich sugar cane plantation owners?



Chick, chicky, boom, chick, chicky, boom ...

Well, he did skip 'we' but interjected an 'our'. The slate is clean.........

 

[Veer_G]

Well, he did skip 'we' but interjected an 'our'. The slate is clean.........

Shit. Are we paying him alimony TOO?!

 

[1J04]

Shit. Are we paying him alimony TOO?!