I just got a letter in the mail about Remington declaring bankruptcy. I guess I’m getting notified because I put in for the trigger recall following the lawsuit.
- Thread starter pewpewfever
- Start date
Well your post pretty much tells the story right there.
It’s chapter 11 in new york
I thought your screen name was "PeterPuffer"
Carry on
Carry on
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Again?
From Bloomberg story: "Cerberus Capital Management had acquired Remington in 2007, and the firearms and ammunition giant accumulated nearly $1 billion in debt."
Cerberus gutted the company, then left it for dead. They filed for bankruptcy in 2018 as well. This is the second bankruptcy.
hopefully some decent management can pick up the pieces and get it back on track.
Cerberus gutted the company, then left it for dead. They filed for bankruptcy in 2018 as well. This is the second bankruptcy.
hopefully some decent management can pick up the pieces and get it back on track.
Why did Cerberus gut them? It's what they do...
It’s the oldest firearms manufacturer in the US, it employees lots of Americans, it was the first firearm a lot of us shot, my dad bought me my first rifle and shotgun, both Remington. Have they had a lot of issues? Absolutely, caused by sorry mismanagement of the company and poor R&D. I personally do not want to see an American company like Remington disappear. Remington has produced some excellent firearms over the years, let’s hope they can get back to that.
Don’t blame the brand for what Cerberus did... and didn’t do... I truly believe the right leadership could bring Big Green back, with a vengeance. Though some very tough decisions would, no doubt, be needed.
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They backed out
That apparently fell through. They are currently in talks with an undisclosed party. We'll have to wait and see what happens.
I agree I wish someone/a wealthy person who loves guns would buy them and return them to glory.
If I was to buy / own Remington first things I would do......
Tell Wall-mart to fuck off we aren't going to make anymore low priced piece of shit firearms to suit your slave labor prices!
Ditch the 783, keep the 700, but design a new rifle from the ground up with modern features people actually want not just throw the 700 in a new dress and call her new technology. Move manufacturing to a union free state.
Was Cerberus a George Soros operation to destroy the gun industry from the inside?
old internet rumor.
Hey look, guess I still wont be buying anything Remington.
Oh noes!11!
Did they get bought by the indian tribe? I can't wait to watch that dumpsterfire.
Oh noes!11!
Did they get bought by the indian tribe? I can't wait to watch that dumpsterfire.
My thoughts exactly.
I was just told that the Navajo Nation rescinded the offer...if that’s accurate, smart move on their end.
That trifecta of a Cerberus/NY state/Union driven Gun & Ammo manufacturing company is a guaranteed abortion if there ever was one....especially since Remington has even managed to piss off some portion of gun owners.
They moved the vast majority of people (like 2500 jobs) and production out to AL and NC like 6 years ago. It was all over the news up here, the CEO basically told Cuomo to FOAD after the SAFE Act got passed. I think there was a back door deal done to keep some of it (mostly shotguns) made in NY so the town of Ilion didn't completely die.
No shit? I hadn’t heard that about AL and NC production, but it absolutely makes sense.
I have heard exactly that same thing about Ilion, though...Remington basically IS the town.
Maybe they will come out of this with a slightly better understanding of what twist rates are beneficial for modern bullet designs.
I will admit to being a fan of the 700 action though.
Whether you like their products or not, REMINGTON is a huge name in the industry. Much like COLT or the NRA. Anything that can be cast badly by the left and anti-gun crowd, they'll use as a major win.
I think its all a coordinated hit job on the gun rights. If REMINGTON (in this case) falls, its just one less major company employing people in the gun industry.
Right now, every one of us should do everything we can to support any USA gun company. Now is not the time for gun owners to be divided, bickering of this gun or that gun, this pro 2A organization or that one. Gun owners myst stay united in the fight.
I think its all a coordinated hit job on the gun rights. If REMINGTON (in this case) falls, its just one less major company employing people in the gun industry.
Right now, every one of us should do everything we can to support any USA gun company. Now is not the time for gun owners to be divided, bickering of this gun or that gun, this pro 2A organization or that one. Gun owners myst stay united in the fight.
Twist rates would be nice, it would also be nice if they could get their bolt handles soldiered on in the right place. I would rather deal with the 1 in 9 than no primary extraction.
Disagree. Gun companies that produce low quality garbage need to die or clean up their act. Big green has had multiple opportunities to right the ship, they simply won’t because they care about quantity not quality. Now what need to happen is they go private, scale down their offerings and get back to the basics and bring the R700 into the 21st century they can probably redeem themselves But fuck, even the military is done with them. M40’s and M24’s are yesterday’s guns.
@fast_hand84
I wish I could find the letters Michael Press sent back in '13 and '14. They were worried about the NY AG filing a lawsuit like CT did after Sandy Hook, and legitimately worried about what the SAFE Act would do. Both he and the CEO (Katsounidas?) were gun guys and trying to make the company better, but also realized the union was a problem.. the move to Huntsville was already in the works before SAFE.
Then borrowing a few hundred million to bring Bushmaster, AAC, Marlin, DPMS, Barnes, TAPCO, etc. all under one roof with Remmy (which, I *heard* but cannot independently confirm was a complete shitshow), the XMark Pro lawsuits, losing the MSR contract to Barrett... it all adds up. Plus, "the gun guys" running the show generally sucked at their jobs.
Fortunately, those millions were borrowed from Cerberus Capital... so this will just most likely end up being a financial shell game.
I wish I could find the letters Michael Press sent back in '13 and '14. They were worried about the NY AG filing a lawsuit like CT did after Sandy Hook, and legitimately worried about what the SAFE Act would do. Both he and the CEO (Katsounidas?) were gun guys and trying to make the company better, but also realized the union was a problem.. the move to Huntsville was already in the works before SAFE.
Then borrowing a few hundred million to bring Bushmaster, AAC, Marlin, DPMS, Barnes, TAPCO, etc. all under one roof with Remmy (which, I *heard* but cannot independently confirm was a complete shitshow), the XMark Pro lawsuits, losing the MSR contract to Barrett... it all adds up. Plus, "the gun guys" running the show generally sucked at their jobs.
Fortunately, those millions were borrowed from Cerberus Capital... so this will just most likely end up being a financial shell game.
I certainly don't disagree that all USA companies need to make better products, not just Remington. Several US companies are making junk trying to save a buck in costs at the expense of the brand name.
Navajo Nation buyout would have been bad for us all, poors or not.
Their stated intent was to stop selling to civilians, focus on MIL+LE sales, and use the profits to develop "smart gun technology": biometric triggers locked to the weapon's owner, microstamped serials on boltfaces, Orwellian shit like that.
And they would have gone bankrupt in short order.
There's zero demand for 'smart' gun tech.
I had a feeling they'd try and get their foot in the door using their preference card for big .mil contracts, but I doubt it would have gotten them much.
what i dont understand is how any firearms manufacturer can put out sub standard product anymore.
you can lease a 4-6 axis Haas or Mazak CNC for a few thousand a month
with those tolerances and available quality every receiver should be prefit capable
any receiver being made that still needs a smith is just throwing money our the door and loosing market share by the day
then you dump 50% of the QC and 35$ an hour guys with files...wow...maybe you can make money
you can lease a 4-6 axis Haas or Mazak CNC for a few thousand a month
with those tolerances and available quality every receiver should be prefit capable
any receiver being made that still needs a smith is just throwing money our the door and loosing market share by the day
then you dump 50% of the QC and 35$ an hour guys with files...wow...maybe you can make money
Remington, like Chrysler and GM, should have been left to their fates at the hand of the market.
I don't care about all the stuff you list as reasons to support them. They stand or fall on their products and services. Nothing else.
My guess is that China will snap them up...
...Or try...
...Or try...
After burying DPMS and Bushmaster, I could care less if Remington goes belly up. Seems like everything they touch goes to shit in short order.
That was all Cerberus, doing what Cerberus does... don’t blame any of that on Remington proper.
Remington going down cant be blamed on Cerberus, though im certain it didnt help. Remington has been cutting their own throats with their design and production decisions for 40+ years.
Certainly cerberus didnt make them design and sell triangle profile barrels? or screw up the 6mm Remington barrel twist. or lose the 260 remington cartridge race to the 6.5 creed. Then the R51 debacle, all the trigger issues. Its a mess.
Remington has actively worked hard to put themselves right where they are now.
Certainly cerberus didnt make them design and sell triangle profile barrels? or screw up the 6mm Remington barrel twist. or lose the 260 remington cartridge race to the 6.5 creed. Then the R51 debacle, all the trigger issues. Its a mess.
Remington has actively worked hard to put themselves right where they are now.
Don't forget they got in bed with a cheap whore (Wal-Mart) who consistently pushed them to cut corners and lower their standards to meet a certain price point which in return helped them earn the well deserved reputation they have today.
Point well made. They started cutting corners on the two items that they were famous for, the 700 and the 870. Just a pyramid of issues compounding
I bid 1$
I’m no fanboy, trust me, but will have to respectfully disagree on that point. We’ve got to acknowledge we’re a tiny segment of the overall market and not their primary, or even secondary, target at all. The Fudds (who are...) would’ve been more than happy to continue to purchase Big Green, if Cerberus hadn’t gutted the company and layered on unsupportable levels of debt service.
In addition, the referenced blunders, while certainly I’ll-advised, had utterly nothing to do with what happened with DPMS and Bushy, which was the primary point I was speaking to. That was Cerberus being Cerberus all the way! Just MHO, of course...
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