Survivability of Remington ???

[FEENIX]

https://www.reuters.com/article/us-...-to-file-for-bankruptcy-sources-idUSKBN1FT04C

I have my toes and fingers crossed that they recover from it.

 

[Waynzee]

Yeah I read the same thing.




Exclusive: U.S. gunmaker Remington seeks financing to file for bankrup
Remington Outdoor Company Inc, one of the largest U.S. makers of firearms, has reached out to banks and credit investment funds in search of financing that will…
reuters.com

 

[dmoon]

Wow, I hadn't heard about this. Kinda scary.

 

[trumperman]

I hope they stay afloat and ahead of the market someday, they make some really good guns.

 

[wildcat455]

Wow.
Well hopefully they pull through it ok.

 

[WeiserBucks]

I hope they go through a major restructuring and start focusing on quality and shooters requirements. Riding the shirt tails of what was popular in the 70's led them to this point.

 

[Rick Richard]

Sorry to hear this, but don't you think they placed themselves in this tough spot?

 

[FEENIX]

Sorry to hear this, but don't you think they placed themselves in this tough spot?

Sad but true, I still want them to recover from it with new leadership, mission, and vision and not entirely fold. While I am not their biggest fan, it would be a loss for all of us if they do.

 

[WeiserBucks]

I don't want to see them go tits up , I want them to pull their heads out of each other's a-holes and realize that a wood stocked 30-06 that shoots 3 MOA isn't enough to carry the company.

 

[THEIS]

Hi,

Looks like another example of "too big to fail".......

If Len or Kirby or (insert name here) gunsmiths decided they did not want to pay their vendors but wanted to remain in business so they file for bankruptcy protection do you think the community would keep buying their products? Statistically the answer is no..just look at how many custom gunsmiths go out of business every year yet these big manufacturers file for bankruptcy protection and consumers continue to purchase their products. Look at how many times Colt has filed bankruptcy......

Pair that with the millions upon millions of dollars Remington has had to spend in the past 10 years on recalls alone.....they should be out of business.
If Kirby recalled every single one of his receivers do you think he would still be in business today?
If Defiance Machine recalled every single deviant receiver do you think they would still be in business today?

****** business morals paired with ****** products equates to reap what you sow.....

Sincerely,
THEIS

 

[wildcat455]

Sure enough valid points, theis. I've seen and personally felt the decline in quality for Remington products. There are allot of companies and products they produce that have degraded in quality over the years, in this industry and others. The way businesses conduct themselves today is a travesty, but who do you think will pay for all that, whether they fail or succeed? It'll always be the little guy who doesn't make the decisions. You, me, the workers, the small businesses who subcontract, certainly not the executives and board members, at least not to the degree we do. So what's the solution?

Chrysler turned things around after their government bailout, at least for a while. If I remember, Ford and Chevy were looking to follow suit, to join in on the free taxpayer money but then I think one of them backed out.
When a company is that big, and it's all about the dollar, everyone loses.
I don't feel sorry for them, don't get me wrong. I do feel bad for the people in the company trying to make a living and doing their job right, only to have their efforts undermined by decisions and practices above them.

 

[Greyfox]

I would suspect much like some of the other large firearms manufacturers over the years, filing for bankruptcy may very well result in a renewed start and a different financial structure/ownership. The current political environment should help Remington. iMO.

 

[werth338]

I personally am not a fan of Remington products but respect what they mean to the industry and sporting world with past history. I think the quality and attention to detail has fallen off the face of the earth. I remember being a kid and in love with the 870 Wingmaster. Fast forward 30 years, I am sitting in a gun shop trading a Browning Maxus visiting with some others and each person said get a Browning, Beretta or Winchester but don't touch the VersaMax. My brother bought a 1911 that when he opened the box had to be returned to be fixed. Does Remington need to make an A/R, a 1911 and some other items they have moved into recently? It is great to have a large product line but also dangerous. When looking at the Rem 700, there hasn't been a single model come out that made me really think I want that gun. On the other hand, companies like Browning and Weatherby have both brought out products that I have a burning desire to buy. Savage and Ruger have done a good job as well.

I think we all remember the dark days of Colt and how they went from an icon to being nothing better than a paperweight. It seems they restructured and are producing products worth purchasing again.

The real downfall of Remington could very well be the expectations of private equity. They only want their return on their money. They aren't concerned with quality or customer service. I read something that referenced the lawsuits from Sandy Hook but that wasn't the real impact. It was the investors of Cerabus Capital pulling their money. Remember, Cerabus tried to dump the Freedom Group portfolio shortly after Sandy Hook and no one was a taker at that time.

Not sure there is any linkage but it is concerning that Freedom Group/Remington has acquired Dakota, Barnes, Bushmaster and others. When private equity creates a business like this, the impacts are far and wide. I don't know how these other entities roll up and if they are part of this pending bankruptcy. Just a thought to remember when supporting the big company vs small.

 

[Deleted member 48126]

Sure enough valid points, theis. I've seen and personally felt the decline in quality for Remington products. There are allot of companies and products they produce that have degraded in quality over the years, in this industry and others. The way businesses conduct themselves today is a travesty, but who do you think will pay for all that, whether they fail or succeed? It'll always be the little guy who doesn't make the decisions. You, me, the workers, the small businesses who subcontract, certainly not the executives and board members, at least not to the degree we do. So what's the solution?

Chrysler turned things around after their government bailout, at least for a while. If I remember, Ford and Chevy were looking to follow suit, to join in on the free taxpayer money but then I think one of them backed out.
When a company is that big, and it's all about the dollar, everyone loses.
I don't feel sorry for them, don't get me wrong. I do feel bad for the people in the company trying to make a living and doing their job right, only to have their efforts undermined by decisions and practices above them.

That's very well said. My buddy worked at Remington for 2 years before he moved over to leupold. He said morale was very, very low. He said gun guys who loved the products and believed in them were getting beat down by management. He said the philosophy was quantity over quality.