It's NY Times, but damn, this was a good read.
It's amazing what private equity firms are getting away with in this country.

How America's oldest gun maker went bankrupt

That is a crazy story.

They were using $9.20/hr temp workers on the production line. No wonder that new M700 I picked up had issues.

In 2007 I was working at Academy in Waco, when I heard about the take over by Cerebus. What I had read about that company, was not in the best interest for Remington! Most thought that the lawsuits facing Remington would be its demise. But as time went on, the rumors about the old company were not making things look optimistic at all.

Remington was bleeding and there was no tourniquet to stop it.............!

700s are a solid piece, minus any tiny moving parts like the all so important trigger. The 721 was a simple solid built bolt gun, but was built a long time ago. Cheap azzz people with cheap azzzz ideas always stay in the shadows while tainting a beautiful thing.

They saw a way to make a few million and they did it at the expense of the losing Remington.

Remington built a new plant here in Huntsville. Last year they had to give back a portion of their government relocation incentives because they never reached the promised hiring levels.

Good article Supersix. Unfortunately this goes on only too often in America these days. Glad I am retired and not around any of this kind of bs anymore. When I was working i don’t know how many times I had to remind people that there is legal and illegal but there is right and wrong and there is a distinct difference.

Unless the banks will extend enough credit so that they can operate, Remington is toast. Unfortunately ever since the Sandy Hook shooting, big banks extending credit to gun companies is over, especially back east. I was told that if a miracle doesn't occur by June 1, we will begin to see Remington selling off assets. My guess is they will sell the ammunition to someone, clothing to another and perhaps the firearms to another gun company. This is a sad situation for a once great company.
Adios,
Gary

This could be a good thing for Remington, but it will take years to get them back to what they once were. Their quality is nothing near what it once was, to me Remington became another cheap plastic stock firearm company. I believe there is still a market for nice walnut stocked, polished blued rifles and shotguns with Remington stamped on them especially if the pricing can stay in line.

Personally, I would hate to see America's oldest firearm manufacturer bite the dust. It might not be good for our nation's legacy of being those who value firearm ownership.

Yes crazy. A company can cheat all of its vendors out of payment then keep doing business. It ain't right but it happens.
This is after the investors have robbed all the money from it.

I was told that Remington negotiated and paid down indebtedness from 3/4 of a billion down to 1/4 billion but needs cooperation from the lender to keep operating. Without cooperation from the bank, Remington is about out of options. Yes, I am sure that many vendors lost huge amounts of money that can never be recovered. It is a shame that the investors could not be held liable for some of this debt.
Adios,
Gary

Wall Street. Where you can steal without a gun and it’s all perfectly legal.