Remington Is Planning to File for Bankruptcy

[RoosGirl]

For two centuries, it has been a totem of America’s gun culture -- a name emblazoned on frontier flintlocks and U.S. Army .45s.

But on Monday Remington Outdoor Co., which traces its history back to 1816, said it would file for bankruptcy protection, succumbing to a slump in business worsened by, of all things, a president who has steadfastly supported Americans’ right to bear arms. 

The bankruptcy is a blow to the private-equity mogul Stephen Feinberg, who has been a prominent supporter of President Donald Trump. Feinberg’s firm, Cerberus Capital Management, acquired Remington in 2007 and subsequently saddled it with almost $1 billion in debt. The Chapter 11 bankruptcy filing will let Remington stay in business while it works out a plan to turn around the company and pay its creditors.

https://www.bloomberg.com/news/articles/2018-02-12/cerberus-s-remington-will-cede-control-to-lenders-in-bankruptcy

[endicom]

There's a lot of competition these days.

[Meldrew]

succumbing to a slump in business worsened by, of all things, a president who has steadfastly supported Americans’ right to bear arms. 

That's highly disingenous.  This company produced the R51 debacle, the 700 trigger fiasco and oversaw the demise of Marlin all during the most profitable years for gun sales in history - the Obama years.  Their problems were much deeper than a sales slump. I should know better than to expect anything more from Bloomberg.

[Frank Cannon]

Damn. I really like their shavers....

[txradioguy]

The gun makers anticipated Hillary winning and their being a run on guns by people convinced that Cankles was going to erase the 2nd Amendment from the Constitution.  So they ramped up production not to mention prices for an even that didn't happen.  Everyone in the gun manufacturing business is feeling the squeeze on the bottom line right now.

And Remington didn't help their position any with the problems related release of the RP9 last year.