Apparently Remington is done...

[jjas]

www.pressconnects.com/story/news/local/new-york/2020/08/05/remington-arms-nations-oldest-gunmaker-may-lay-off-700-ny-workers/3297259001/


www.uticaod.com/news/20200729/remington-to-seek-bids-for-assets-ahead-of-auction

www.cnbc.com/2020/08/17/families-of-sandy-hook-victims-remington-bankruptcy-leaves-us-out.html

[greghopper]

I wouldn’t say they are done... but they will be doing some restructuring for sure.... pretty sure the banks own them now!

Remington Outdoor Company Is a big company...

en.m.wikipedia.org/wiki/Remington_Outdoor_Company

[jjas]

As of today...

Despite the bankruptcy case being filed only last month, Remington – the nation’s oldest gun maker, based in Madison, North Carolina – already is planning to sell off its holdings in a Sept. 17 auction.

www.detroitnews.com/story/news/nation/2020/08/18/sandy-hook-families-gun-maker-trying-wipe-out-lawsuit/5603843002/

[greghopper]

So the Remington Outdoor Company and the other companies that it owns will stay intact while the Remington Arms is selling off from the group.

[jjas]

Aug 19, 2020 5:23:17 GMT -5 greghopper said:

So the Remington Outdoor Company and the other companies that it owns will stay intact while the Remington Arms is selling off from the group.

According to these two articles...

linkwww.detroitnews.com/story/news/nation/2020/08/18/sandy-hook-families-gun-maker-trying-wipe-out-lawsuit/5603843002/

Despite the bankruptcy case being filed only last month, Remington – the nation’s oldest gun maker, based in Madison, North Carolina – already is planning to sell off its holdings in a Sept. 17 auction. The company has a plant in Huntsville, Alabama.

www.cnbc.com/2020/08/17/families-of-sandy-hook-victims-remington-bankruptcy-leaves-us-out.html

The federal judge overseeing the bankruptcy case, Clifton R. Jessup in Decatur, Alabama, has scheduled a hearing for Tuesday on whether to approve the process, which would see Remington’s various businesses — which operate under the umbrella Remington Outdoor Co. — auctioned off as soon as Sept. 8.

Based on the above, it would appear the other holdings will be auctioned off. As for Remington they appear to be auctioning off their buildings and equipment.

With all of the lawsuits involved, I'm sure that the lawyers will try to stop this from happening, or @ least try to get a piece of the pie, but for all intents and purposes, it appears that Remington (as we know it) is done.

Perhaps someone will buy the Remington name, but I've read that the patents on their older products like the 870, 1100 and 700 have expired so there really appears to be very little to purchase other than the name, equipment and buildings.

[Deleted]

Great job with all the links. Sad times that this company after all the decades collapsed. Looks like none of the other gun manufactures wanted any parts of Remington and or Remington sell price was not touchable.

[jjas]

Aug 19, 2020 6:41:40 GMT -5 @waynes said:

Great job with all the links. Sad times that this company after all the decades collapsed. Looks like none of the other gun manufactures wanted any parts of Remington and or Remington sell price was not touchable.

I think it's the debt that the company owes, the lawsuits they are dealing with, plus the fact that the patents on their core products (the 700, 870, 1100) have apparently expired, and their newer products aren't as popular as their older ones, means they have little to offer a buyer (other than perhaps the name, Remington).

[omegahunter]

Remington has been collapsing for a decade or more, just look at the craftsmanship decline of it and the other gun companies that Remington had bought up.

I had not bought a new Marlin since the 17 Mach II came out, but I heard that Remington was having trouble turning out accurate "Marlin" .44 Mag lever guns (oversized bores). I know the old Marlin .22s and .17s were VERY accurate. I would hate to see Marlin become a Dodo bird like the H&R Handi Rifles that Remington ran into oblivion.

[greghopper]

Aug 19, 2020 6:20:12 GMT -5 jjas said:

Aug 19, 2020 5:23:17 GMT -5 greghopper said:

So the Remington Outdoor Company and the other companies that it owns will stay intact while the Remington Arms is selling off from the group.

According to these two articles...

linkwww.detroitnews.com/story/news/nation/2020/08/18/sandy-hook-families-gun-maker-trying-wipe-out-lawsuit/5603843002/

Despite the bankruptcy case being filed only last month, Remington – the nation’s oldest gun maker, based in Madison, North Carolina – already is planning to sell off its holdings in a Sept. 17 auction. The company has a plant in Huntsville, Alabama.

www.cnbc.com/2020/08/17/families-of-sandy-hook-victims-remington-bankruptcy-leaves-us-out.html

The federal judge overseeing the bankruptcy case, Clifton R. Jessup in Decatur, Alabama, has scheduled a hearing for Tuesday on whether to approve the process, which would see Remington’s various businesses — which operate under the umbrella Remington Outdoor Co. — auctioned off as soon as Sept. 8.

Based on the above, it would appear the other holdings will be auctioned off. As for Remington they appear to be auctioning off their buildings and equipment.

With all of the lawsuits involved, I'm sure that the lawyers will try to stop this from happening, or @ least try to get a piece of the pie, but for all intents and purposes, it appears that Remington (as we know it) is done.

Perhaps someone will buy the Remington name, but I've read that the patents on their older products like the 870, 1100 and 700 have expired so there really appears to be very little to purchase other than the name, equipment and buildings.

Some Marlin groups I follow is saying it doesn’t effect the marlin gun maker that’s why I am assuming it will only effect Remington Arms... but as is said time will tell!

Remington Outdoor Company and the banks own Remington Arms according to the Marlin guys!

[jjas]

greghopper

Some Marlin groups I follow is saying it doesn’t effect the marlin gun maker that’s why I am assuming it will only effect Remington Arms... but as is said time will tell!

Remington Outdoor Company and the banks own Remington Arms according to the Marlin guys!

I guess time will tell how this all shakes out as far as Marlin is concerned.

But like I said @ the beginning, based on what I'm seeing right now, Remington (as we know it) appears to be done.

There is a lot of talk about Remington trying to get out of paying damages for the lawsuits involving the Model 700 and the pending lawsuits over the Sandy Hook killings by filing bankruptcy. Is any of that true? I don't have a clue.

[Deleted]

Remington filled chapter 11 and not chapter 7.

Chapter 11 bankruptcy is also known as “reorganization” or “rehabilitation” bankruptcy. There is no specified debt-level limit and no required income.

Chapter 7 bankruptcy is sometimes called “liquidation” bankruptcy. Firms experiencing this form of bankruptcy are past the stage of reorganization and must sell off any nonexempt assets to pay creditors.

Something does add up.

My past employer filed chapter 7 after falling to find a buyer. During the liquidation a competitor bought it for rock bottom price. The underfunded pension liabilities was not part of the buyout.  I'm sure something similar is going on.

[jjas]

Again, I'm just posting what I'm seeing....

Here's another quote from an attached article.

Billy Hogue, a Remington spokesman, said not much is known as this point other than the plant’s future appears to be in the hands of the court.

“The bankruptcy impacts all of our employees at all of our sites: Ilion, Huntsville, Alabama, Madison, North Carolina, Lonoke, Arkansas — every single employee,” Hogue said.
“We have no idea what the outcome will be. It’s up for auction and the courts will determine how it’s to be sold — whether all in one piece or separately. We have no idea.”

www.pressconnects.com/story/news/local/new-york/2020/08/05/remington-arms-nations-oldest-gunmaker-may-lay-off-700-ny-workers/3297259001/

[greghopper]

And I am just posting what I have read on some Marlin sites and forms.... not doubting anything posted!

Maybe send Mikehandback a email and ask him,Remington is a big supporter of his... just a thought!

[jjas]

Aug 19, 2020 10:52:12 GMT -5 greghopper said:

And I am just posting what I have read on some Marlin sites and forms.... not doubting anything posted!

Maybe send Mikehandback a email and ask him,Remington is a big supporter of his... just a thought!

I sent him an email, but I'll be surprised if he will offer any info on Remington. If he does, I'll post it.


I did find one other bit of information, but I can't verify it's accuracy...

Lacking any objections the judge finds valid, the September 17th auction will determine who the new owners are. As for what the path is forward, that of course will be up to the new owners.

Mike Hanback got back to me and basically said the same thing others have said. He's waiting for September to see what happens...

[Deleted]

Aug 19, 2020 13:10:43 GMT -5 jjas said:

Aug 19, 2020 10:52:12 GMT -5 greghopper said:

And I am just posting what I have read on some Marlin sites and forms.... not doubting anything posted!

Maybe send Mikehandback a email and ask him,Remington is a big supporter of his... just a thought!

I sent him an email, but I'll be surprised if he will offer any info on Remington. If he does, I'll post it.


I did find one other bit of information, but I can't verify it's accuracy...

Lacking any objections the judge finds valid, the September 17th auction will determine who the new owners are. As for what the path is forward, that of course will be up to the new owners.

Mike Hanback got back to me and basically said the same thing others have said. September will tell the tale.

That makes more sense that Remington thinks they have a buyer.  That is what happened to Littleford the company I was next in line to be CEO.  I was the engineering manager with 18 employees (engineers and 3d cad). The buyer backed out last minute and then it went to chapter 7.  A week or so later the buyer tried to buy it back even at low bottom price, but another one also stepped in.  The last minute step in company bought it.  They let go all of us except 4 that worked in repairs. The new company kept that part open for a year. I think as part of the deal. 

When this happened I decided to get out of management and just be a software IT geek guy.  Less stress big time.

[greghopper]

If Remington has a buyer there is no need for a auction... duhh!

Handback knows it best to be right then to be first when reporting.