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Remington files for bankruptcy again

Sam06Sam06 Member Posts: 21,254 ✭✭✭✭
in General Discussion
2nd time in 2 years.

C&P
Remington Arms Co on Monday filed for Chapter 11 bankruptcy protection for the second time in two years as the U.S. gunmaker faced financial troubles partly because some retailers placed restrictions on gun sales after school shootings.

The gunmaker has filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy court for Northern District of Alabama, according to the court filing.

In the filing, the company listed its assets and liabilities both in the range of $100 million to $500 million.

The gunmaker has filed for bankruptcy before in 2018 after sales faltered and the company had trouble meeting requirements of its lenders. It exited bankruptcy protection the same year under the ownership of its creditors.

U.S. retailers have placed restrictions on gun sales after school shootings, hurting manufacturers such as Remington. A Remington Bushmaster rifle was used in the Sandy Hook elementary school shooting in Connecticut in 2012 that killed 20 children and six adults, making it central to debates over gun policy.

Remington has been trying to dismiss a lawsuit filed by the families of the victims related to the marketing of the company’s guns. It is scheduled to go on trial next year.

https://www.reuters.com/article/us-remington-arms-bankruptcy/u-s-gunmaker-remington-files-for-bankruptcy-again-idUSKCN24T0CL



I hope this news source meets your standards ;)


RLTW

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    Ricci.WrightRicci.Wright Member Posts: 5,129 ✭✭✭✭
    You make arguably the best bolt gun and the best pump gun in the world with gov and police sales for both. Let the bean counters start running things, cutting costs, cutting quality, and voila; bankruptcy.
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    Ricci.WrightRicci.Wright Member Posts: 5,129 ✭✭✭✭
    A buddy who is in police sales told me last week Remington 870 Police Magnums are backordered for several months.
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    GrasshopperGrasshopper Member Posts: 16,751 ✭✭✭✭
    Ricci.Wright said:
    A buddy who is in police sales told me last week Remington 870 Police Magnums are backordered for several months.
    Yea, I sold a Remington marine 870 here a few weeks ago, priced at 950. It sold in 20 minutes... :'(:#:s  It was a nice piece.
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    bpostbpost Member Posts: 32,664 ✭✭✭✭
    The key issue here is the lawsuits that a law following judge would Dismiss With Prejudice.  Congress passed law exempting gun companies from being sued for the misuse of their legally produced and sold products.  The untold millions in legal costs were the final nail in the coffin for this mismanaged company.  The owner will sell the assets and bail out with millions in profits.
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    chiefrchiefr Member Posts: 13,792 ✭✭✭✭
    Sam06 said:
    2nd time in 2 years.

    C&P
    Remington Arms Co on Monday filed for Chapter 11 bankruptcy protection for the second time in two years as the U.S. gunmaker faced financial troubles partly because some retailers placed restrictions on gun sales after school shootings.

    The gunmaker has filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy court for Northern District of Alabama, according to the court filing.

    In the filing, the company listed its assets and liabilities both in the range of $100 million to $500 million.

    The gunmaker has filed for bankruptcy before in 2018 after sales faltered and the company had trouble meeting requirements of its lenders. It exited bankruptcy protection the same year under the ownership of its creditors.

    U.S. retailers have placed restrictions on gun sales after school shootings, hurting manufacturers such as Remington. A Remington Bushmaster rifle was used in the Sandy Hook elementary school shooting in Connecticut in 2012 that killed 20 children and six adults, making it central to debates over gun policy.

    Remington has been trying to dismiss a lawsuit filed by the families of the victims related to the marketing of the company’s guns. It is scheduled to go on trial next year.

    https://www.reuters.com/article/us-remington-arms-bankruptcy/u-s-gunmaker-remington-files-for-bankruptcy-again-idUSKCN24T0CL



    I hope this news source meets your standards ;)


    Dicks and Walmart and a few others succumbed to the DEMOCRAT party mob and quit selling certain firearms, but to say gun sales are hurting right now is not a factual statement, but then again its Reuters. Gun sales are at all time record levels and have been that way since March.  People just went elsewhere to make firearm purchases.

    The Remington ammo plant is maxed out and cant keep up with orders. Perhaps their ammo brand  should separate from the firearm branch. Despite what ever happens to Big Green most of us know part of their problem was caused by poor decisions by management and QC issues. 
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