Bankrupt gun maker Remington Outdoor to be broken up and sold

| September 29, 2020 | 41 Comments

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 Americans buy more guns than ever.

Remington sought chapter 11 protection and will sell its business at a time when civil unrest and concerns about personal safety have driven firearm sales to record highs.

5th/77th FA sends.

Sales of Remington’s ammunition- and weapons-manufacturing business to bring in at least $155M

By Peg Brickley

Gun maker Remington Outdoor will be broken up and sold after a multiday bankruptcy auction, in which seven different buyers won the bidding for parcels of the company’s weapons and ammunition holdings.

Sales of Remington’s ammunition and weapons manufacturing business, the Remington brand and others will bring in at least $155 million to be applied against the company’s debts.

Lawyers for Remington haven’t responded to requests to comment on the auction results, which were partially revealed Sunday in court filings.

Judge Clifton R. Jessup Jr. has scheduled a Tuesday hearing in U.S. Bankruptcy Court in Decatur, Ala., to consider approval of the auction results.

The auction is the culmination of Remington’s second bankruptcy of recent years. The Huntsville, Ala., company filed for chapter 11 bankruptcy protection in late July, saying it didn’t have the cash to make weapons to satisfy demand for its products.

The COVID-19 pandemic and civil unrest have Americans stocking up on guns and ammunition, but Remington said it was short of funds, despite having erased hundreds of millions of dollars in debt in a 2018 bankruptcy.

Remington wasn’t well positioned to take advantage of the recent sales surge, making mostly long guns for the hunting market. Pending liabilities have also hurt the company, including safety issues on its 700 series rifles and some shotguns, and the Sandy Hook debacle. In all, a sad day for America’s Oldest Gun Maker.

Read the entire article here: Fox News

Thanks, Gun Bunny.

Category: Breaking News, Economy, Guest Link

Comments (41)

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  1. Old tanker says:

    Remington was my first and most preferred rifle brand. I wonder if they will still be in the business. It’s kind of unclear from this little blurb.

  2. 26Limabeans says:

    Damn. I was just looking over my Remington preffered stock options.

    L357M1B, L357M12, L44MG7, R45AP5 and of course a few hundred shares of R444M.

    Sad day indeed.

  3. David says:

    A lot of the sales make sense. Marlin being bought by Ruger… one can only hope for a good lever-action 5.56 with the option to use STANAG (standard AR) magazines. Barnes bullets going to Sierra makes sense, too.

  4. Andy11M says:

    I wonder what kind of golden parachute the departing Remington exec’s will get?

    • 26limabeans says:

      Pierce Brosnan will get the lions share….

    • 5th/77th FA says:

      I doubt if he will have to start a GoFundMe, stand at the interstate exit with a “Hungry, Homeless, Please Help, God Bless” sign or rattle a cup to be able to buy a few groceries and shoes for his chill’ren.

      Damn shame, Fortress Remington just took too many rounds or ordnance, not only below the waterline and the bunker, but from the Ivory Tower. In the contest between Warhead and Fortress, Warhead will win. Every.Single.Damn.Time!

      No one cause, but the combination of multiple hits was more than this Company could take. You may place a big portion of the blame on the Sandy Hook Lawsuit (pure political bull sh^t, in my opinion), but you also have to lay a bigly bunch of it on the Management team. Or lack there of. Seen that movie several times. Well run, long established outfits, bought/sold several times over, each new group draining resources, running off vendors/suppliers/customers/employees.

      With all of teh other stoopid mistakes Management made, I’m surprised they didn’t reopen the typewriter production line. /s/

  5. Ex-PH2 says:

    You guys have my sympathies.

    I’m just trying to make a decision about a cast=iron Dutch oven – which color to choose.

    • Friend says:

      Go with the color of the kitchen..I just bought a set in grey.

    • Ex-PH2 says:

      And my kitchen is all white. I think I may go with red. It’s a spiffy color.

    • nobunny says:

      I support your choice for red.

    • Thunderstixx says:

      I got a set of Red Rachel Ray cookware last year.
      I just love them, I had been buying all different makes of them and this whole set makes cooking a lot easier !!!
      And easier clean up at the end too !!!
      They weren’t cheap, but they go so well with my house and this huge kitchen !!!
      I have 27 cabinets in it.
      I don’t have any where near as much junk to fill them all up !!!
      Buy a good set, you will not be disappointed !!!

      • 5th/77th FA says:

        Now ‘Stixx, be honest with us. Deep down, weren’t you hoping that little Rachael Ray herself was gonna be in the boxed set of cookware? Honey Hush! Let’s Eat. ps: 6 months from now you gonna be saying, “What happened to all the cabinet space we had?”

        Make us up some of these, Texas style, I’ll bring the Yuenglings! (‘Ed gonna be on our azz, we done gone and hi-jacked his thread, again! Defense? Ex started it.)

        • nobunny says:

          Ex went straight for the stomach.

          Well, back on track with the topic at hand: I love my Remington 380. Hopefully it will last my lifetime.

          • 5th/77th FA says:

            Yeah, she does that…she cooks, ya know. And she can buy him off like she does that Hardin Boy, with a skillet of sausage/gravy wid biskets so there is that. Prolly a good thing I’m several states and a time zone distant from her. If I hung out there I would be fat as a butterball.

            Coulda been worse. We coulda slid over in the lanes of Typewriters, Road Atlases, OTC Meds, (Bayer) Farm Chemicals (Monsanto). We may even have discussed upcoming movies that ‘Ed and Mick are planning on seeing?

    • ChipNASA says:

      Mine is Blue.
      It doesn’t get as much stove time these days because of the InstantPot.
      I still love it though…

    • Graybeard says:

      I’ve been trying to clean up an old cast iron dutch oven that my brother had.

      Had to sand a lot of rust off and am trying to reseal it now. Will need to make a new bail for it -old one rusted in two. No lid for now.

      I think he left it in the back of his p/u after a trip and forgot it for a few years.

      My old Lodge works just fine, though.

  6. Sparks says:

    Kind of sad to me. To see a company that was such a part of our history go under.

    • Ex-PH2 says:

      Well, Remington Rand, the typewriter company, was sold to another company, and that was sold to a larger corporation which afterwards, changed its name to Unisys.

      Such things do happen. But it seems that Remington the gun company really was not prepared for the changes we seem to be going through, and tripped over its own feet. It’s a pity, but it’s also what happens these days.

    • rgr769 says:

      Yes, Remington has been around since circa 1816. Currently known for manufacturing its excellent bolt-action rifle, it was primarily a maker of pocket pistols in the 1800’s. Everyone who has watched Westerns has seen their most prolific pocket pistol, Elliot’s o/u double barrel derringer. Remington made about 112,000 of them from 1867 to 1935.

  7. Poetrooper says:

    Rest assured the gun-grabbing lefties will be encouraged by what they perceive as a victory and will redouble their efforts to bankrupt other major firearms manufacturers. What the shortsighted fools fail to realize is that they are creating a fertile environment for the creation and rapid growth of many more small-business gunmakers.

    This is America, the land of free enterprise, and as long as the demand is there for weapons, so will there always be some skilled and enterprising American citizens willing to produce them.

    • Graybeard says:

      ^^THIS^^

      This was my first thought when I read about the frivolous lawsuits.

      I need to stock up on spare magazines for my squirrel gun- a Rem 597 that makes dime-size 5-shot patterns with CCI MiniMags. And spare springs, extractors…..

      Sad, sad day. Wish part of the bankruptcy settlement included the [Mis-]Management group having to run the gauntlet of angry customers.
      Once a day, every day, for a month.

      • Poetrooper says:

        Graybeard, you might want to go a little easier on Remington management–it’s a bit challenging to successfully manage a business that’s operating under the burden of a huge, existential lawsuit. It affects all daily operations because it puts all financials and contracting under a suspect cloud. Operating in such an environment can lead to desperate decision-making.

        Further, it affects the company’s ability to attract good executive talent because what top-notch exec wants to hire on with any corporation, even one as venerated as Remington, with such a questionable future?

        I’m not absolving Remington management of all blame but I am saying were handed an extremely challenging mission when that lawsuit was filed.

    • NHSparky says:

      While I like the older Remington rifles, when it comes to more modern models I’m a SIG guy, anyway.

  8. USMC Steve says:

    If you make anything remotely gun related, you need to get the hell out of the great white liberal north, and move south of the old Mason Dixon line. Those companies that have done so are flourishing, and selling everthang they have to sell. It must be because there are less self interested union piggies down there, and they don’t go for bullshit lawsuits like Sandy Hook.

  9. MI Ranger says:

    I thought someone said Palmetto State Armory was bidding on some of their Ammo manufacturing? Guess they did not win.

  10. USAFRetired says:

    I have some Remington ammo mostly .22LR in stock and a 870 Ranger 20 gauge Youth Model. I picked up a rifled slug barrel for it a couple years back.

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