Remington Arms Declares Bankruptcy(wsj.com)
wsj.com
Remington Arms Declares Bankruptcy
https://www.wsj.com/articles/remington-arms-declares-bankruptcy-despite-surging-gun-demand-11595903187
329 comments
Never owned a Remington myself, but they've not been held in high regard for a while. Some say it was linked to it's acquisition by Cerberus Capital. Ultimately, though, it seem alike the company was asking customers to pay premium prices for average guns. What justifies spending 800 - 1200 dollars on a Remington 700 as compared to $500 on a Ruger American?
Am sure this will be downvoted but just commenting that I find discussion in these threads fascinating, terrifying, fundamentally foreign.
Having lived in large cities all my life I cannot conceive of owning a gun, or of other nearby city dwellers owning guns, or even being allowed to in a non law enforcement capacity. There are apartments in NYC with working fireplaces- seems almost equally insane to me, though gun more so because of the active harm it can induce.
Please- no disrepect intended, and not interested in starting argument/debate. Know all the arguments and the history and not advocating any position. Just sharing experience, my own lack of slots for this very large component of american life. Cheers folks.
Having lived in large cities all my life I cannot conceive of owning a gun, or of other nearby city dwellers owning guns, or even being allowed to in a non law enforcement capacity. There are apartments in NYC with working fireplaces- seems almost equally insane to me, though gun more so because of the active harm it can induce.
Please- no disrepect intended, and not interested in starting argument/debate. Know all the arguments and the history and not advocating any position. Just sharing experience, my own lack of slots for this very large component of american life. Cheers folks.
I wonder about the process here. If they filed for bankruptcy in 2018, and have to file again today in the middle of the hottest gun market in years... doesn't that mean they screwed up the first restructuring?
(I guess I don't know how many of the people rushing to the store are actually buying the kind of expensive guns Remington sells, though. I'd believe a story where it's few to none.)
(I guess I don't know how many of the people rushing to the store are actually buying the kind of expensive guns Remington sells, though. I'd believe a story where it's few to none.)
What is the larger significance here? Does this mean the gun industry is struggling? Sounds unlikely given the spike in purchases.
Maybe it's just another old company that once had a good reputation but has lost its way. PE probably involved.
Or maybe there is some market shift. Like, fewer hunters purchasing lever actions and more urbanites buying semi-auto pistols.
Maybe it's just another old company that once had a good reputation but has lost its way. PE probably involved.
Or maybe there is some market shift. Like, fewer hunters purchasing lever actions and more urbanites buying semi-auto pistols.
Most comment seem to agree that Remington stopped making quality guns, with the obvious effects on profitability.
When did this happen? Is it a cause or an effect of the mentioned private equity funds? Is it an Intel-like bad period on the product design and R&D front?
If a business is purchased by a private equity company, it is not long for this world. Private equity is all about strip mining a business.
From the article:
Gun stores, which have largely stayed open during the Covid-19 pandemic, are selling to many first-time buyers worried about personal safety over the civil unrest that followed the killing of George Floyd in police custody and the ensuing movement to reduce police funding.
Gun stores, which have largely stayed open during the Covid-19 pandemic, are selling to many first-time buyers worried about personal safety over the civil unrest that followed the killing of George Floyd in police custody and the ensuing movement to reduce police funding.
I’m just upset Marlin was sold to Remington. The Model 39A is my favorite firearm. Once Remington took over, and they moved the factory, the quality went bad.
Their ammo is good, especially .22 and .22 LR. But I've never known anyone who owned one of their firearms.... which really just says it all.
You truly need to be shit at running your business to declare bankruptcy at a time when people are buying so many guns all the gun stores are sold out of anything decent.
Savage 10s haven’t helped Remington much either...
Before anyone jumps to conclusions, it seems their trouble began well before COVID:
> Firearms maker Remington Arms Co. filed for bankruptcy protection for the second time since 2018, weighed down by more debt than it can repay even as fearful Americans buy more guns than ever.
> Firearms maker Remington Arms Co. filed for bankruptcy protection for the second time since 2018, weighed down by more debt than it can repay even as fearful Americans buy more guns than ever.
No worries, another PE firm will come along to bail them out by issuing more debt and of course paying themselves a dividend. Rinse, repeat.
A law professor, Heidi Feldman, points out that
>With bankruptcy, Remington means to halt the Sandy Hook litigation from continuing in Connecticut state court.Notable timing, it comes after a series of decisions by the trial judge refusing to let Remington dodge discovery.
>With bankruptcy, Remington means to halt the Sandy Hook litigation from continuing in Connecticut state court.Notable timing, it comes after a series of decisions by the trial judge refusing to let Remington dodge discovery.
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For the second time since 2018
Can't tell from the article (due to the paywall), but any sign that the Navajo Nation might still buy 'em? I've heard before that they want to (specifically to address rampant unemployment/poverty among tribal members).
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metapost: this is the first gun related thread I've seen on the front page, I wish it happened more often. Similarly I always get excited when I see a gardening related thread, I like reading HN perspective on "non/low-tech" hobbies.
Foreign weapons manufactueres declare victory once again. Russia seems to be in a military boom.
Surprising, since lockdowns and "protests" have greatly increased the rate of gun purchasing. In my state, all firearms were out of stock at the local shops for months.