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Remington files for bankruptcy

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StampMaster
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Remington files for bankruptcy

Postby StampMaster » Tue Mar 27, 2018 11:24 am

Its very sad to know an iconic gunmaker Remington has shut its shop filing Chapter 11 to carry a debt cutting deal bankruptcy https://www.deccanchronicle.com/videos/news/gunmaker-remington-files-for-bankruptcy.html with creditors amid mounting public pressure for greater gun control. Remington Outdoor and other gunmakers have suffered from slumping sales in the past year and the filing comes after some big US companies took steps to restrict firearm sales. Remington sought Chapter 11 to cut its debt. Last month, it said it would reduce its $950 million debt load in a deal that would transfer control of the company to creditors.

From the beginning, we Indians are in trouble with strict gun laws, America was seen up to as a very liberal state. God save India and America.


”Criminals love gun control; it makes their jobs safer.”

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goodboy_mentor
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Re: Remington files for bankruptcy

Postby goodboy_mentor » Tue Mar 27, 2018 11:53 am

StampMaster wrote:amid mounting public pressure for greater gun control.
I hardly trust the media, especially the Indian media because often it has tendency to spice up the news and sometimes even create concocted stories, just like it added the above sentence. American marketed is already saturated, the American gun makers have to find markets in other countries, else they will face these kind of situations. They can lobby with their government to put pressure on Indian government to fully open up this market for it's citizens. At this point in history, the American government is enjoying unprecedented leverage over the Indian government. How? Because China, Pakistan, Russia, Iran and Turkey are in an unwritten military alliance and in order to face this, the Indian state has virtually fallen at the feet of America to get the latest hi tech military equipment.


"If my mother tongue is shaking the foundations of your State, it probably means that you built your State on my land" - Musa Anter, Kurdish writer, assassinated by the Turkish secret services in 1992

SMJ
Posts: 387
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Re: Remington files for bankruptcy

Postby SMJ » Tue Mar 27, 2018 12:59 pm

Fact is laws are becoming stricter but the NRA in America is still pretty strong AFAIK. Here is another article, all may not be as bad as it seems.

https://finance.yahoo.com/news/gunmaker ... ector.html

Seems quite a few US banks have come forward to provide financing to the Remington. Bankruptcy does not necessarily mean. the company is shutting - they may need to restructure their finances correctly to stay in business



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xl_target
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Re: Remington files for bankruptcy

Postby xl_target » Wed Mar 28, 2018 3:03 am

goodboy_mentor wrote:
StampMaster wrote:amid mounting public pressure for greater gun control.
I hardly trust the media, especially the Indian media because often it has tendency to spice up the news and sometimes even create concocted stories, just like it added the above sentence. American marketed is already saturated, the American gun makers have to find markets in other countries, else they will face these kind of situations. They can lobby with their government to put pressure on Indian government to fully open up this market for it's citizens. At this point in history, the American government is enjoying unprecedented leverage over the Indian government. How? Because China, Pakistan, Russia, Iran and Turkey are in an unwritten military alliance and in order to face this, the Indian state has virtually fallen at the feet of America to get the latest hi tech military equipment.


GBM is correct that the media is full of Bovine excreta.
This has absolutely nothing to do with laws or current events but I suspect it has everything to do with a Venture Capital company doing its usual thing.. i.e. buying a company, sucking it dry and then spitting it out.

A few years ago, Remington was bought out by a venture capital company.
Quality started to slip right away.
In the last few years, even die hard Remington fans will not buy new Remington firearms.
Just like die hard Marlin fans won't buy a new Marlins as the quality went sour really quick.

How do you screw up the manufacture of products that you have produced for years?
The Remington 700 bolt action rifle and the iconic Remington 870 shotgun (they have made over 11 Million of them) are items that I would not have bought new in the last few years. I own versions of both but they were all purchased prior to the sale of Remington to the Freedom Group, llc.

Unfortunately, they bought up a bunch of other firearms companies, including:
Remington
Bushmaster Firearms
DPMS
Marlin (whihc includes Harrington & Richardson and L.C. Smith)
Dakota Arms
AAC (Advanced Armament Corporation - silencers)
Barnes Bullets
Para USA

Pretty much everything they have touched in the firearms industry have gone to pot.
I think they saw the gun buying surge during the Obama years as something that would continue.
However, if you don't put money back into an industry (i.e just keep taking it out), it will eventually falter and die.
I'm afraid that we are going to see this happen to all the brands that they own.

I don't believe that they understand that gun buyers will not purchase a firearm that won't go bang every time you pull the trigger.
People will put up with their cars breaking down, their computers blue screening and their iPhone's not getting reception everywhere but they will not put up with a firearm that is unreliable.
A good example would be Remington's failed R51 pistol. That kludge didn't run from day one.
They recalled it, worked on it and re-released it and it was better than before but no one bought it when it came out the second time.

Meanwhile, sales are up for other US firearms companies like Ruger, S&W, etc.
Ammunition sales are also going good.
Sales of AR-15 parts and accessories are through the roof with. At popular sites like PSA, they often sell out of their specials the same day they are announced. I have been waiting for an AR-15 upper for three weeks and then they emailed me to say that they are out and having difficulty producing more.
At two different gun shows, earlier in the month, I spoke to dealers who were having a hard time getting AR-15 parts. They said everyone was sold out.


“Never give in, never give in, never; never; never; never – in nothing, great or small, large or petty – never give in except to convictions of honor and good sense” — Winston Churchill, Oct 29, 1941

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sumbriavikramaditya
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Re: Remington files for bankruptcy

Postby sumbriavikramaditya » Wed Mar 28, 2018 8:53 am

goodboy_mentor wrote:I hardly trust the media, especially the Indian media because often it has tendency to spice up the news and sometimes even create concocted stories, just like it added the above sentence. American marketed is already saturated, the American gun makers have to find markets in other countries, else they will face these kind of situations. They can lobby with their government to put pressure on Indian government to fully open up this market for it's citizens. At this point in history, the American government is enjoying unprecedented leverage over the Indian government. How? Because China, Pakistan, Russia, Iran and Turkey are in an unwritten military alliance and in order to face this, the Indian state has virtually fallen at the feet of America to get the latest hi tech military equipment.


I agree with you. It is my dream to own a Remington 700. Every company has its ups and downs. US is very big market. Even the firearms and their spare parts which are in the circulation are in large numbers. Just looking at this situation as a Financial Matter, it will soon pass.

Regards.



andy_65_in
Posts: 633
Joined: Sun Apr 15, 2007 11:57 am
Location: Kanpur,UP

Re: Remington files for bankruptcy

Postby andy_65_in » Sat Mar 31, 2018 9:14 am

StampMaster wrote:Its very sad to know an iconic gunmaker Remington has shut its shop filing Chapter 11 to carry a debt cutting deal bankruptcy https://www.deccanchronicle.com/videos/news/gunmaker-remington-files-for-bankruptcy.html with creditors amid mounting public pressure for greater gun control. Remington Outdoor and other gunmakers have suffered from slumping sales in the past year and the filing comes after some big US companies took steps to restrict firearm sales. Remington sought Chapter 11 to cut its debt. Last month, it said it would reduce its $950 million debt load in a deal that would transfer control of the company to creditors.

From the beginning, we Indians are in trouble with strict gun laws, America was seen up to as a very liberal state. God save India and America.


Tell them to get a India sale licence from GoI..then their fortunes will change :D :D :D




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