Somewhat spoon related - never thought I'd see this...

[fanaudical]

Remington filing for bankruptcy?

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

[unclebilly]

Developers of the QWERTY keyboard? Who knew?

https://en.wikipedia.org/wiki/Remington_Products

[fingpilot]

Both of my neighbors in Alabama work at their plant here.

They were both furloughed yesterday.

[legion]

Trump got elected, people stopped buying guns.

[Arizona_928]

Originally Posted by legion

Trump got elected, people stopped buying guns.

Imagine that.
These rights shall not be infringed.

On the bright side. All the Wal-Mart's in my area are fully stocked on every caliber ammunition. One Wal-Mart must have 100,000+ of 22lr bricks at 20 bucks a box.

[Por_sha911]

Democrats kept pushing to destroy the Second Amendment so the gun industry ramped up production hoping to cash in. With Comrade Obama in office and mafia boss Hilary coming down the pike things looked bleak and it overstimulated gun purchases.

More than 11 million firearms were manufactured in the U.S. in 2016, up from fewer than four million a decade ago, according to data from the Bureau of Alcohol, Tobacco, Firearms and Explosives.

Reminds me of the auto industry when all the major manufacturers kept increasing production to try to beat the competition. The end result was a glut of unsold new cars.

Cerberus Capital Management, acquired Remington in 2007 and subsequently saddled it with almost $1 billion in debt.

Looks like they bet the farm and lost.
Think of it like a stock market correction for a particular product. Supply way more than demand once fears of Communism in America abated.

[vash]

They got kinda boring in my book. 700BDL or ADL? Like a glazed vanilla donut. Good but not exciting.

My remmy shotguns are about as exciting as a hammer.

I hope they rally.

[onewhippedpuppy]

I worked for a company that was at one point owned by Cerberus, they also loaded us up with a bunch of debt and ultimately sold their stake just prior to bankruptcy. I think it’s part of their strategy for acquisition and divesting.

[john70t]

Originally Posted by legion

Trump got elected, people stopped buying guns.

Isn't the common market wisdom to do the opposite of the market, or at least in advance of the trends?

[svandamme]

So the conclusion is,
All the gun nuts overreacted when Obama was POTUS
Drove the market to a frenzy
Greed kicked in.
And Remington Management are total idiots for failing to anticipate that the NRA's Fear Mongering would no longer work once a Pro gun president arrived.

Or in a Nutshell, the NRA screwed the pooch, they shouldn't have helped Trump as much cause he's no good for gun sales.

[KFC911]

Originally Posted by vash

...

My remmy shotguns are about as exciting as a hammer.

I hope they rally.

Hmm...R's headquarters are just north of me...the local news made it sound like a financial restructuring...no mention of layoffs...imagine that . I went looking for a pump 12 ga. last year....the new 870s in the stores were junk....picked up one from back when they produced quality. Politics....the NRA, ammo distributors, and everyone in the chain have made a fortune manipulating the sheeple...fear mongering works...YMMV.

[berettafan]

On the shotgun side Remington’s v3 has a good rep amongst more serious hunters BUT it is also understood to be utterly lacking in visual appeal. Looks like a Walmart quality knockoff of an 1100. I’m told they also let finish quality plummet on other guns as well.

The industry in general is moving away from high quality materials and finishes but Remington seemed to lead the pack in that move.

A shame jobs will be lost.


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[berettafan]

Kc the 870 ‘express’ has been a third world looking gun since its beginning. The wing master has been the nice gun. Had a 20ga for years and it was a truly nice quality gun. I preferred it to all other sub gauge pumps.


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[KFC911]

Originally Posted by berettafan

Kc the 870 ‘express’ has been a third world looking gun since its beginning. The wing master has been the nice gun. Had a 20ga for years and it was a truly nice quality gun. I preferred it to all other sub gauge pumps.


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I was a novice...but know quality when I hold it....I picked up an older Wingmaster

[ckelly78z]

I need to go get some of those .22 bricks at Wally World. My wife for Christmas, got me a .22 conversion for my AR15.....much cheaper to put rounds down range.

[berettafan]

I don't know the dollars impact but it seems every other day some new 'brand' is remarketing Turkish guns. Might be that globalism has at least had some impact on domestic gun makers.

[legion]

Originally Posted by onewhippedpuppy

I worked for a company that was at one point owned by Cerberus, they also loaded us up with a bunch of debt and ultimately sold their stake just prior to bankruptcy. I think it’s part of their strategy for acquisition and divesting.

Well, that seems kind of unethical (though not illegal). It will also make a company extra vulnerable in a downturn. Remington needs to put a poison pill in place to defend against this kind of behavior in the future.

[legion]

Originally Posted by john70t

Isn't the common market wisdom to do the opposite of the market, or at least in advance of the trends?

To be fair, everyone thought Hillary was going to win. I thought Hillary was going to win. The panic buying has been going on in IL since Obama was first elected (we understood his goals related to firearms, after all he was our senator).

Honestly, the first inkling I had the Hillary might not win (and I ignored it) was when I went to a gun show about 5 days before the 2016 election and it was empty. They had all been packed up until that point.

[vash]

KC. i'm gonna go thru my stepdad's stash soon.

i think he has an old Wingmaster 870..probably still in a box. i KNOW he has like 5 browning autofives in boxes.

my mom wants me to start selling everything.

[berettafan]

check gunbroker for current going rates on the A5 in particular.