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Author Topic: Remington files for Bankruptcy ??  (Read 122 times)

Offline BoBallistic

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Remington files for Bankruptcy ??
« on: February 13, 2018, 06:14:40 AM »
https://www.washingtonpost.com/news/morning-mix/wp/2018/02/13/trump-slump-remington-files-for-bankruptcy-amid-declining-gun-sales/?utm_term=.f20ae2cea3b7

Since I don't trust the media anymore, wonder if there is anything to this story.....but if it is true, then we all need to go out and buy a Remington....any comments....
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Offline King Ben

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Re: Remington files for Bankruptcy ??
« Reply #1 on: February 13, 2018, 07:23:41 AM »
I'm not sure how it works in the business world per se, however, when times are plentiful you need to save for the lean times.  Just like farming, when you have years with a bumper crop you better put back for those years when it's a bust.  They were riding high on the hog for 8 years and had banked on Hillary winning.....they put all of their eggs in one basket!   

Offline Puddle Jumper

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Re: Remington files for Bankruptcy ??
« Reply #2 on: February 13, 2018, 07:57:26 AM »
This does not mean they will be gone.

Chapter 11 is a chapter of Title 11 of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities.

The debtor usually remains in possession of its assets, and operates the business under the supervision of the court and for the benefit of creditors. The debtor in possession is a fiduciary for the creditors.

It is true, found it on a lot of sites.
http://www.foxbusiness.com/markets/2018/02/13/gunmaker-remington-to-file-for-bankruptcy.html


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Online yari

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Re: Remington files for Bankruptcy ??
« Reply #3 on: February 13, 2018, 02:33:49 PM »
i did see this. it could be a result of their trigger issues on their rifles. if they file bankruptcy, they will probably avoid having to fix all the triggers on their dime and force each gun owner to pay it themselves. I DON'T LIKE IT. MAKE A PRODUCT AND STAND BY IT!

all ammo and gun makers took a hit when Trump got in and everyone had layoffs. good for consumers, bad for gun manufacturers

i don't like personal bankruptcy and i don't like corp bankruptcy. it's there to be used only when absolutely needed. attorneys found ways around it so anyone can use it and throw their debts back at the rest of us. i hate paying for other's stupidity 
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Offline dave 1211

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Re: Remington files for Bankruptcy ??
« Reply #4 on: February 13, 2018, 03:00:20 PM »
ever sense Remington bought out marlin, h&r and new England arms they have gone down hill imo
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Offline MichiganLouie

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Re: Remington files for Bankruptcy ??
« Reply #5 on: February 13, 2018, 05:19:22 PM »
Read somewhere that they had a 950 mil debt.  If so, how can a business get that far in debt? 
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Online yari

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Re: Remington files for Bankruptcy ??
« Reply #6 on: February 13, 2018, 05:39:16 PM »
Read somewhere that they had a 950 mil debt.  If so, how can a business get that far in debt?

if you think about how many rifles they sold and the cost to replace all the triggers, that's a huge number
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Offline Madgomer

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Re: Remington files for Bankruptcy ??
« Reply #7 on: February 13, 2018, 06:46:16 PM »
What KingBen said sums it up pretty well in my book.  Running a business of any sort involves uncertainty - you take risks to grow, but you also take risks by playing it safe.  I'm with Yari in my dislike of how readily people jump to "bankruptcy protection" - it just doesn't drive the right accountability in my view.  Trump's election has eased some of the fears that fueled gun sales for sure, but instead of blaming Trump for declining sales, the gun industry needs to be thanking Obama, Hillary, and others for creating the hysteria which drove so many sales that wouldn't have otherwise happened.  Remington Outdoors got themselves stretched out there pretty far with their acquisitions - a slump in sales now (for any reason) is a worst case scenario.  My employer ran into a similar scenario after a major acquisition a few years ago - we've weathered the storm now I believe but it was pretty nervewracking.

Yari - as for the trigger warranty thing, I suspect the accountants have already booked a tremendous amount of that expense, and I don't believe Chapter 11 will get Remington off the hook to take care of the issue unless they were to completely shutter the place.  But as with anything, I may not understand what options they have under CH 11.

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Online yari

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Re: Remington files for Bankruptcy ??
« Reply #8 on: February 13, 2018, 08:21:49 PM »
mad- that may be, but i was listening to a guy on CNBC(i think) and his speculation was remington would start w/ a clean slate. the trigger issue would go away. that made sense to me. they have no resources. we'll have to see
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