Remmington Outdoor company to file for Chapter 11 Bankruptcy

[RUNNIN REBEL]

U.S. firearm manufacturer, Remington Outdoor Company, said it will file for Chapter 11 bankruptcy protection, but stay in business throughout the process.

"Difficult industry conditions make today's agreement prudent," said Jim Geisler, Remington's executive chairman, in a statement released by the company on Monday.

The company has been dogged by falling sales after one of its rifles was used in the Sandy Hook Elementary School massacre of 2012.

The restructuring will help the company to cut its debt by around $700 million and inject $145 million in new capital into its different units.

 

What a shame............

 

Jerry

RUNNIN REBEL

[Xxx]

Wow who would of thought Remington fire arms would be in distress, that’s a bad rap for the company to have been labeled with that mishap. People are clueless, what if it was a Winchester?? Would people boycott Winchester?? Not miss the picture here the didn’t walk itself in there and kill those innocent people a not head behind the gun killed those folks. It’s terrible that we have such freaks in this country. All it takes is one to ruin it for all.!!!

[jimski2]

You who elected Trump are the culprits who caused this. When Obama and his gun law history created paranoia among the owners who hoarded more guns but now stopped purchasing more guns feeling more secure with Trump in office. Yes I voted for Trump but if Hillary was elected guns and ammo sales would have picked up.

Edited February 15, 2018 by jimski2

[Silver Fox]

You who elected Trump are the culprits who caused this. When Obama and his gun law history created paranoia among the owners who hoarded more guns but now stopped purchasing more guns feeling more secure with Trump in office.

Did I really just read this? [emoji27]

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[Legacy]

18 minutes ago, jimski2 said:

You who elected Trump are the culprits who caused this. When Obama and his gun law history created paranoia among the owners who hoarded more guns but now stopped purchasing more guns feeling more secure with Trump in office.

 

I hope you are joking...

[Legacy]

Remington is 1 billion dollars in debt. They hope to "restructure" their debt and keep the doors open.

[bandrus1]

19 hours ago, pap said:

Wow who would of thought Remington fire arms would be in distress, that’s a bad rap for the company to have been labeled with that mishap. People are clueless, what if it was a Winchester?? Would people boycott Winchester?? Not miss the picture here the didn’t walk itself in there and kill those innocent people a not head behind the gun killed those folks. It’s terrible that we have such freaks in this country. All it takes is one to ruin it for all.!!!

 

 

Or.... ya know.. maybe not make a dangerous product that misfires

[Sk8man]

Might be a good idea to leave politics out of this one Jimski...

[Jimmyi]

3 hours ago, jimski2 said:

You who elected Trump are the culprits who caused this. When Obama and his gun law history created paranoia among the owners who hoarded more guns but now stopped purchasing more guns feeling more secure with Trump in office.

 

 

I didn't know I was a culprit. I used to arrest culprits in my previous career. If the witch had won, we might not be hunting at all.

Edited February 14, 2018 by Jimmyi

[jimski2]

It is what it is. This story came from the Financial reporters who comment on the stock market and its difficulty.

[Hobo]

When there is a fatality in a car accident lets sue the car manufacturers


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[bandrus1]

18 minutes ago, Hobo said:

When there is a fatality in a car accident lets sue the car manufacturers


Sent from my iPad using Lake Ontario United

 

 

ummmm

 

people often do?

[rolmops]

Remington going into chapter eleven means that a lot of suppliers are not getting paid. 700 Million dollar is a lot of money. It seems to me that this is a cold business decision in which the company comes out smelling like a rose and suppliers get shafted to the tune of $700 million. No I do not pity Remington for one moment and I am sure that the management will get big fat bonuses while laying off employees.

On a different note and put in a different way,maybe the gun market is saturated.

[Gill-T]

Mimics GM.

[Gator]

It doesn't matter whether they manufacture cars, Barbie dolls, or guns. Business is business. It's not like the gunsmith in Avon who we all recall fondly; Remington is a big company. Sales drop for lots of reasons, and the message that it was due to Sandy Hook is nothing but spin. Execs make stupid decisions, management screws up, these are reasons why businesses tank. And yes, Remington is making a decision that may leave other good folks, including their small business suppliers, with empty hands. This is not a bedtime story. It's cutthroat business. 

[Frogger]

It doesn't matter whether they manufacture cars, Barbie dolls, or guns. Business is business. It's not like the gunsmith in Avon who we all recall fondly; Remington is a big company. Sales drop for lots of reasons, and the message that it was due to Sandy Hook is nothing but spin. Execs make stupid decisions, management screws up, these are reasons why businesses tank. And yes, Remington is making a decision that may leave other good folks, including their small business suppliers, with empty hands. This is not a bedtime story. It's cutthroat business. 

Yep. Businesses that can’t or won’t keep up with either market demands, operational efficiencies that keep you competitive from a cost standpoint or are unable to innovate to keep sales pumping are always at risk. All the way from the small shop on the corner to the 100 plants across the country giants.


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[bandrus1]

If somebody really believes that somebody purchasing a gun stopped and thinks for a moment: ahhh yes I'm going to buy brand x over remmington because the sandy hook shooter used a remminton I have a bridge for sale

[Traveling Circus]

I think sales drop are market wide, and pretty much due to the administration change. Sandy Hook had implications with investors in Cerberus Capital Management, the owners of Remington. Remington was cleared of any wrongdoing in the lawsuit against them in the Sandy Hook shooting. 

[tuffishooker]

We all have our experiences : I purchased a Remington 597 semi-auto in 17 cal. rimfire : Read in the back pages of a shooting mag. that the gun had a tendency for shell cases to split and not to shoot the gun ! Remington apparently condescended a $200 credit on the purchase of another firearm   [ purchased gun new ; purchase was registered no recall notice ] I will only be cheated once !

[Traveling Circus]

My experience with Remington products varies. I've got a bdl in 30-06 that has excessive headspace, several 870 Expresses that won't reliably cycle, and several 870 Wingmasters that perform flawlessly. I would take an older beat up Wingmaster over a brand new Express model any day......

[jimski2]

Now that rifles are legal for deer hunting in most counties of New York, shotgun purchases probably dropped off here.

[Gator]

True that, but likely a drop in the bucket for a global company. And Remington makes rifles as well, right? Although I went with a Tikka myself this year.

[Xxx]

I know a lot of guys around here have switched over to Savage, they claim is the barrels are much better also the triggers are supposed to be much better. I know of a lot more Savage rifles bought than Remington’s. In this neck of the woods also the price difference may have made a difference?? Most of my rim fire guns are Savage models.

[chinook35]

You who elected Trump are the culprits who caused this. When Obama and his gun law history created paranoia among the owners who hoarded more guns but now stopped purchasing more guns feeling more secure with Trump in office. Yes I voted for Trump but if Hillary was elected guns and ammo sales would have picked up.

WHAT???


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[RUNNIN REBEL]

FALL 2017

ILION, NY — Remington Arms Co. has laid off 55 workers at its Ilion plant, Ilion Mayor Terry Leonard said Thursday.

He received a call from the plant manager, who told him that people were being notified Thursday as they began their shifts.

″(The layoffs) are due to market turndown, industry-wide,” Leonard said. “It is not due to them moving jobs to another site, it’s not that situation at all. It’s simply a reaction to the market trends over the past quarter.”

Remington did not return a request for comment Thursday afternoon.

This is the second round of layoffs this year. In March, 122 were laid off, which included about 110 members of the United Mine Workers of America Local 717.

While many people are concerned that eventually Remington will move its operations out of Ilion completely, Leonard said he believes that, for now, things are safe.

 

August 2014: 105 Remington employees learn they’ve lost their jobs as a result of the consolidation

November 2014: 126 more Ilion employees are laid off.

March 2017: 122 more in Ilion are laid off.

Sept. 7, 2017: 55 in Ilion laid off.

This was the beginning of the end last fall

 

Jerry

RUNNIN REBEL

Edited February 16, 2018 by RUNNIN REBEL