Gun manufacturer Remington files for bankruptcy

The screws are tightening.

Among the array of tools deployed by gun control advocates is an indirect method of attaining gun control via putting gun manufacturers out of business.

Reuters reports that yesterday, March 25, 2018, Remington Outdoor Co Inc, America’s oldest gunmaker and one of the largest, filed for Chapter 11 bankruptcy protection in the District of Delaware Bankruptcy Court “to carry out a debt-cutting deal with creditors amid mounting public pressure for greater gun control.”

The company’s chief financial officer, Stephen Jackson, said in court papers that Remington’s sales fell significantly in the year before its bankruptcy, and that the company was having difficulty meeting requirements from its lenders.

Last month, Remington announced it would reduce its $950 million debtload in a deal that will transfer control of the company to creditors. The company plans to wrap up its bankruptcy as soon as May 3.

The bankruptcy filing comes after a Feb. 14 shooting at a Parkland, Florida high school that killed 17 and spurred an intense campaign for gun control by activists, including huge anti-gun rallies by hundreds of thousands of young Americans on Saturday, March 24, calling on lawmakers and President Donald Trump to confront the issue. Voter registration activists in the rallies fanned out in the crowds, signing up thousands of new voters.

Remington’s creditors, which include Franklin Templeton Investments and JPMorgan Asset Management, will exchange their debt holdings for Remington equity. The restructuring support agreement allows creditors to sell their holdings, but the buyer is bound by the deal.

One investor said his firm had contemplated buying the Remington loans that will be exchanged into equity, which were offered at as low as 25 cents on the dollar, but that — presumably referring to the Parkland school shooting — “We bowed out because we were uncomfortable.”

Gun-control advocates have also adopted another new strategy — sue gun manufacturers.

See also “Gun controllers change tactics to mimic those of homosexual movement

Cerberus Capital Management LP, the private equity firm that controls Remington, will lose ownership in the bankruptcy. Cerberus had tried unsuccessfully to sell Remington after Sandy Hook families sued Remington because alleged lone gunman Adam Lanza allegedly had used a  Remington Bushmaster rifle to kill 20 children and 6 adults at Sandy Hook Elementary School on December 14, 2012. Katie-Mesner Hage, an attorney representing Sandy Hook families in the lawsuit said in a prepared statement that she did not expect Remington’s bankruptcy would affect their case.

Note: Oct. 14, 2016, Connecticut Superior Court Judge Barbara Bellis struck down the lawsuit that families of alleged victims had brought against Remington Arms, the parent company of Bushmaster, the brand of AR-15 that Adam Lanza allegedly used in the alleged massacre of 20 children and 6 adults at Sandy Hook Elementary School. Bellis cited the 2005 Lawful Protection of Commerce in Arms Act (PLCAA), which protects gun manufacturers from being sued in instances where the gun in question was legally made and sold — which was the case with the AR-15 allegedly used by Lanza. (Source: Breitbart)

Since the Parkland school shooting, major U.S. companies and retailers have taken some steps to restrict firearm sales:

  • Citigroup Inc (C.N) said last week it will require new retail-sector clients to sell firearms only to customers who passed background checks and to bar sales of high-capacity magazines.
  • Citi and other large retailers also said they will restrict sales for buyers under 21.
  • Kroger Co’s superstore chain Fred Meyer said it will stop selling firearms entirely.

See “WH petition to replace gun control Citigroup/Citibank as provider of credit cards to U.S. govt” — SIGN THE PETITION!

Remington and other gunmakers have suffered from slumping sales in the past year as fears of stricter gun laws have faded, now that Barack Obama is no longer President. However, the CEO of American Outdoor Brands Corp, maker of the Smith & Wesson gun allegedly used in the Parkland shooting, said on March 1 that some gun retailers had reported increased sales after the Florida school shooting.

See also:

~Eowyn

46 responses to “Gun manufacturer Remington files for bankruptcy

  1. ◾Citi and other large retailers also said they will restrict sales for buyers under 21.
    It’s so nice to see that a company is taking the US Constitution into their own hands! Who is Citigroup anyway, I thought they were a stupid credit card company.

    Liked by 4 people

    • chemtrailssuck . . . . that is exactly who “Citi” is — they issue credit cards. If you didn’t see it, about half way through this article there is a reference to a WH petition requesting that the US government change the issuer of government credit cards from Citibank to some other provider who has not stomped all over Our Constitution. If you think this is a worth while endeavor, please forward this to friends and neighbors. Citibank needs to be cut out of that slice of the credit card business.

      Liked by 2 people

      • I would forward it, but my ‘friends and neighbors’ have pretty much ignored me ever since the 911 inside job thingy. They don’t believe in chemtrails or the dangers of wifi and EMF, so I basically go on message boards to spread the news instead. 🙂
        They try to muddy the water by saying it’s a ‘retailer’ I guess.

        Like

    • So now you know what to do with your citibank accounts and stocks.

      Liked by 2 people

    • “Who is Citigroup anyway, I thought they were a stupid credit card company.”

      No.they are not just a credit card company, they are one of the four behemoth banks whose holdings are more than likely held by one or more of the prime Illuminati ( satanic) families like Rothschild. But we are not allowed to know these things since we are the peasants and they the masters. If they can’t get their agenda through by the whore politicians that they fund, then they will get it by whatever means they can- and that is what you are witnessing. Satan forbid the plebs should have any means of defense once they wake up and find that all private wealth and the wealth of the country has been stolen by these Satan’s first born, and now they are all in one giant debtors prison called America.

      The Federal Reserve Cartel: The Eight Families
      “The Four Horsemen of Banking (Bank of America, JP Morgan Chase, Citigroup and Wells Fargo) own the Four Horsemen of Oil (Exxon Mobil, Royal Dutch/Shell, BP and Chevron Texaco); in tandem with Deutsche Bank, BNP, Barclays and other European old money behemoths. But their monopoly over the global economy does not end at the edge of the oil patch.

      According to company 10K filings to the SEC, the Four Horsemen of Banking are among the top ten stock holders of virtually every Fortune 500 corporation.[1]

      So who then are the stockholders in these money center banks?

      This information is guarded much more closely. My queries to bank regulatory agencies regarding stock ownership in the top 25 US bank holding companies were given Freedom of Information Act status, before being denied on “national security” grounds. This is rather ironic, since many of the bank’s stockholders reside in Europe.

      One important repository for the wealth of the global oligarchy that owns these bank holding companies is US Trust Corporation – founded in 1853 and now owned by Bank of America. A recent US Trust Corporate Director and Honorary Trustee was Walter Rothschild. Other directors included Daniel Davison of JP Morgan Chase, Richard Tucker of Exxon Mobil, Daniel Roberts of Citigroup and Marshall Schwartz of Morgan Stanley. [2]……………….” https://www.globalresearch.ca/the-federal-reserve-cartel-the-eight-families/25080

      Liked by 2 people

      • They used “national security” to deny a FOIA request? How typical of them using it to do all sorts of sneaky things.
        This is why I mostly use cash and checks- most places even online will still take checks if you ask them.

        Liked by 1 person

    • Bailed out by $80billion of taxpayer money, now using its “influence” to work against a Constitutional right and lawful products.

      Liked by 2 people

  2. David Hogg, and now the bankruptcy of Remington, appear to be parts of the globalist plan to disarm American civilians. In a land where the number of guns in civilian hands vastly outnumbers guns in the military, people like Clinton and Obama can’t just ride in and take over. A high casualty count on the side of government agents would quickly turn into a disaster with American citizens hunting down the leaders who attempted a tyranny.

    Liked by 3 people

    • TD . . . . Bravo! That is a short and sweet description of why the average American citizen needs the Second Amendment to be preserved .. . for as long as this nation stands.

      There is NO DOUBT that the one thing that keeps the New World Order crowd (think Soros, Rockefeller, Clinton, Obama, Rothschild, and many others) from waltzing in and taking over the country is the Average Joe, or Average Josephine, who owns a gun, and knows how to use it. That is precisely why this big squeeze is going on.

      Each time I see the picture of David Hogg dressed in the white shirt, with the black arm band–I automatically think . . . “Nazi.” These young people and the other liberal dillweeds who pander after disarming their fellow citizens haven’t the faintest idea what will happen if that comes to be!!!

      I feel extremely distressed about Remington being forced into such dire straits. This is in part due to the various lawsuits which have been brought against them. I don’t understand why those who produce alcoholic beverages are not sued because, according to the logic of thinking guns kill people, then alcohol is the reason why people die in accidents where some driver’s are drunk. Or, why not sue the manufacturers automobiles, since these are also are an instrument that can kill people. Why not sue the power companies, because when you stick a screw driver in a light socket–you may get the shock of your life.

      My secret prayer is that we have enough of the silent conservatives that when push comes to shove, we can forestall whatever plans the Progressives may have for us the common people.

      God Bless the U S A !!!

      Liked by 2 people

      • “when you stick a screw driver in a light socket–you may get the shock of your life.”
        Or “your death”
        Ha- Ha

        Like

      • I have the same secret Prayer Auntie, I also still hope that they’re a vocal minority, and we’re a silent majority that will stand up for our Country when we see the whites of their eyes. Imagine if we had the bully pulpit, and the resources to push back, I see rows and rows of buses from the Left thanks to their Organizers, Backers, and today’s technology. What hope I have is that our polite side will act like during the Elections, the Left had a couple hundred at each crapshow, and we had tens of thousands at almost every Trump event…that’s one thing that gives me hope. Since then, all of their masks are off, we all see what the their capable of, so I hope we’ll come out 3-5 fold in 2020. A Decade ago when I’d tell people the commies are here, they’d look at me like I was nuts, now, many have told me I was right, and you hear the word Communism a lot more lately. 5 yrs ago no one knew who Soros was , now almost everyone is aware of who that rat is. Even in Ct, we have 25 Candidates for Governor, mostly republicans because everyone see’s what the Democrats have done to destroy absolutely everything, I think my State is about to turn Red. Sorry my reply is so long, it was supposed to be just one one sentence, “I have the same secret Prayer Auntie”!!! (I don’t get out much).

        Liked by 2 people

    • Yes, very well said! And we who believe in the Second Amendment and our right to protect ourselves must never ever give them an inch. If the gun grabbers can organize marches and rallies, so can we. The lefties know that if they can take away the Second Amendment, they can then take all of them.

      Liked by 2 people

    • Yep, “Parasite Protection”. Isn’t it ironic that Obongo and Holder want us disarmed but have no problem sending AR’s to Mexico? Of course, Sessions isn’t going to look into that any time soon.

      Liked by 1 person

      • From Sean Hannity, March 7, 2018:

        The Trump administration announced Wednesday its decision to release previously unseen documents relating to the “Fast and Furious” gun scandal that embroiled former Attorney General Eric Holder’s Department of Justice; confirming the records will be disclosed in days.

        The sensitive material -which is set to be released to the House Intelligence Committee- had been previously withheld by Holder and former President Barack Obama, who used “executive privilege” to conceal the documents from the American people.

        “The Department of Justice under my watch is committed to transparency and the rule of law. This settlement agreement is an important step to make sure that the public finally receives all the facts related to Operation Fast and Furious,” said Attorney General Jeff Sessions.

        https://www.hannity.com/media-room/obama-on-edge-trumps-doj-to-release-hidden-fast-and-furious-documents/

        Liked by 2 people

    • TD you hit the nail on the head. This isn’t about school shootings at all, this is all about disarming and taking over this country, period.
      In the 80’s I had dealt with the above four mentioned banks. Suddenly we were bouncing checks and having all kinds of problems getting our banking done. We knew we had the money in the bank before writing the checks. Started investigating and found they were holding deposits to purposely bounce customer checks in order to charge the $35 fee. We changed to a smaller local bank and had no problems since. I think there were actually some lawsuits on their evil practice. May they all rot in hell. I wish every person with accounts in those banks suddenly move their money.

      Liked by 1 person

  3. sounds like they went bankrupted because of bad management…..

    Liked by 2 people

    • Maybe, but we don’t really have the necessary information that it was poor management. No doubt, the Sandy Hook lawsuits also took their toll.

      Liked by 1 person

    • No the company was bought up by sora$$ under another name I will go back and find the link I read on it. But the jest is he could not get it one way so he when in the back door and bought them thought other company’s he owns and then slowly but surely shutting it down what ever the reason he can since he owns it now. This man is vile and evil as it gets he gets his marching orders from satan as far as I am concerned. Will try to find the link and post.

      Liked by 2 people

  4. I find it hard to believe that Remington is going bankrupt from Anti-gun lobby pressure. There are too many gun companies with massive record sales. I suspect massive mismanagement.

    Liked by 2 people

  5. With the jawbone of an ass I have slain a thousand men.

    Samson didn’t have a machine gun, he used the jawbone of an ass and the power of the Holy Ghost.

    Liked by 3 people

    • Maybe I should explain myself on my comment above. If people want to ban guns, then they might want to ban jawbones and the Holy Ghost and people like Samson. Samson hurt a lot of people’s feeling while he was alive.

      Liked by 2 people

  6. Cerberus had wrecked Remington long before Sandy Hook. Production quality of Remington (and other Cerberus-held gun companies, like Bushmaster) went downhill fast after being acquired. For the prices being charged, the firearms should operate flawlessly. They didn’t. Addle-brained management was after the usual tactics of “improving shareholder value”, which means gutting the company and unloading the carcass on some other unsuspecting outfit. Asset strippers. Consolidate different companies with disparate cultures. The usual. Ill-fated ventures into different guns already done very well by others (the 1911 stands out). Fire-sale prices on other pistols nobody wanted. All the time the once-vaunted 700-series rifle quality plummeted.

    Being in anti-gun territory like (Ilion) NY didn’t help. Old craftsmen retiring or being rightsized out. Think they were working on moving to Alabama. Too little, too late.

    Also, don’t forget Alwaleed own(ed) a ton of Citi

    https://www.cnbc.com/2017/10/23/prince-alwaleed-citigroup-could-go-above-100-right-now.html

    Anyway, once-proud Remington had already been replaced by better companies. Pre-Cerberus Remingtons will hold & appreciate in value.

    Liked by 4 people

    • Thanks. That’s good information.

      Like

    • Biased, but semi-accurate background of the Remington debacle:

      http://nymag.com/daily/intelligencer/2016/11/a-billionaires-dreams-of-creating-a-guns-empire.html

      (Numerous errors, but has the business side better illustrated than many articles.)

      Bob Nardelli, who Feinberg put in charge of Rem was a disaster. This guy was former GE (head of their transportation division) who lost out to Jeff Immelt in the battle to be Neutron Jack Welchs successor. So he went to home depot, built the business by selling chicom crap, and was picked to do damage elsewhere.

      Total mess.

      Current brand listing:

      Brands
      Remington
      Bushmaster
      Advanced Armament (AAC)
      Marlin Firearms
      H & R Firearms
      Dakota Arms
      Para USA
      Parker Gun
      Tapco
      Barnes Bullets
      Mountain Khakis

      Since they got rid of the people that knew how to build the firearms properly, and made junk since being absorbed, the values of the names have been greatly diminished. AAC silencers and Barnes bullets still have relatively good names, but strong competition. The rest? Would cost a lot of money to regain their reputations.

      Liked by 1 person

  7. When the News first announced the Bushmaster lawsuits, I said well, one good thing is that now it will all come out in Discovery that Sandy Hook was a hoax, it never did. Another thing I never understood is where was the NRA during all of that, they stayed silent on Sandy Hook and all that followed. I would think at the least, bushmaster would want to see 100% proof, a School surveillance video of their product killing a human at Newtown…as far as I’m concerned, they Settled on hearsay. I need someone on this Thread, more intelligent than me, to explain what they think.

    Liked by 1 person

  8. This is a sad day for America, indeed. It’s not like we’re left with no gun manufacturers, and that is not the point: If we are to remain the Land of Liberty, we need all the gun manufacturers we can get. And this is also galling, given that the government bailed out banks and insurance companies, why can’t Remington be bailed out?
    In the meantime, I don’t understand why we can’t 3-D print plastic guns, or at least the molds for guns and their parts to be filled with a superior material, even if it’s not metal. It’s HIGH TIME some responsible gun owners somewhere to start an underground network of 3-D printing for guns and gun parts. It won’t be able to produce AR-15’s (not yet, anyway), but it could produce handguns—better than nothing.
    I think this is the way to go, because once people can produce their own guns, the government will not be able to get us or to trace them all. A way to do this without being traced by law enforcement can be figured out.

    Lest anyone believe I am advocating breaking the law, I am simply putting forth the suggestion that has not originated with me: I heard about 3-D printing of guns three years ago. I would also like to cite the writings of St. Thomas Aquinas and the Founding Fathers (Thomas Jefferson in particular) that state, in so many words, that a doubtful or unenforceable law is no law at all. Futhermore, our rights to firearms ARE NOT granted by government but given to us by God or in deist terms, “Nature’s God.” Government is not here to grant anyone any rights; Rather, government is here to safeguard our rights—and that includes free and fair trade between consenting individuals.
    The noose is tightening. Conditions are getting desperate. Trump has begun to go sideways, saying he will ban bumpstocks. “When in the course of human events….”
    IT’S ON.

    Liked by 2 people

  9. Sadly, Remington was going down the crapper long before recent events.

    The management sucks, and the legal representation they have been retaining sucks worse.

    I mean, how do you go TU as a firearms manufacturer after over eight years of soaring sales under Ogooma?

    The only things that make sense are inferior products and/or bad management.

    Liked by 2 people

  10. Bad news for Huntsville, Ala. Big Remington plant there. Just moved there recently too. Sounds like bad management on their part. Pbly got a big tax incentive to move there as well. Maybe its time to stop selling all the other Remington crap imported from China, stop producing yet another 1911 that can’t compete in a saturated .45 market, downsize and make what made you famous originally. Rifles, shotguns and ammunition.

    Liked by 1 person

  11. That is terrible news. Just the name itself, Remington, evokes nostalgic Americana emotions. So sad to hear it is going down the drain.

    I wonder if, in every “slip & fall” on-a-grape-in-the-grocery-store premises liability case, the injured & their attorney also sues, besides the store, the SHOE company who made the shoes the “slipee” was wearing at the time! (These days they probably do… Hey, not enough rubber tread on my Nikes!, or, Hey, that little black rubbery tip at the end of my spiked heels came off right BEFORE I stepped on the grape!)

    Very heartening to read Judge Bellis had her legal brain in the right place, the bright spot in the story!

    Liked by 1 person

  12. As an avid gun enthusiast, I have been to many gun shows and outlets over the past few years and I can tell you for certain that these recent well intended but misguided protests over mass murder tragedies involving firearms have ABSOLUTELY NOTHING to do with Remington’s drop in sales and subsequent bankruptcy filing. Both of which are a direct result of Remington’s inferior products and their superior competition. I regret to inform the left that for other North American manufacturers, such as Ruger, Smith and Wesson, Springfield Armory and others, BUSINESS IS A BOOMIN’!

    Liked by 1 person

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