Remington Outdoor Company Surrendered to Creditors

By Dave Dolbee published on in General, News

Remington is (was perhaps) one of the most revered firearms manufacturers in the America. Known as “Big Green,” Remington has sadly become Big Red, sinking into massive debt. Although it was widely reported that Remington was having significant financial difficulties, it is still sad news to read that Remington has filed for bankruptcy.

Remington 150 Years of firearms in New York

For 150 years, Remington produced quality firearms in New York before politics caused the move to Madison, North Carolina.

While bankruptcy is a financial standing and does not necessarily mean out of business, it does not bode well for Remington’s or the Freedom Group’s future. Is anyone else thinking “Colt” and it’s financial woes and attempts to retain the name and product lines?

Remington announced that it would file for Chapter 11 last month but the actual filing was delayed after the Feb. 14 shooting at Marjory Stoneman Douglas High School in Parkland, Florida.

The WSJ reported that Remington officials plan to hand over the reins to its creditors in exchange for writing off most of the company’s debt. Cerberus Capital Management LP bought Remington for $118 million in 2007, assuming $252 million in debt in the process.

Fox News Reports:

“Cerberus later formed a holding company called the Freedom Group Inc., consisting of Remington and other firearms manufacturers—including Bushmaster, which Cerberus had purchased in 2006.

It was reported that the gun industry is facing low demand and high stock after Donald Trump’s unexpected election to the presidency in 2016. According to the paper, firearms manufacturers boosted output in the run-up to the election, expecting that a Hillary Clinton victory would lead to a boost in sales ahead of tighter gun laws.

In 2016, families of the Sandy Hook victims filed a wrongful-death suit against Remington, claiming that it had negligently marketed “military-style” weapons to younger demographics.”

A trial judge dismissed the initial lawsuit, but the plaintiffs appealed to the Connecticut Supreme Court, which is considering the matter.

Katie-Mesner Hage, an attorney with Koskoff Koskoff & Bieder, which represents Sandy Hook families in their lawsuit against the gun manufacturer said in a statement that “We do not expect this filing to affect the families’ case in any material way.”

Will Remington and the Freedom Group survive under the management and supervision of the creditors? Which Remington model will you recommend purchasing before its possibly gone? Share your answers in the comment section.

SLRule

Growing up in Pennsylvania’s game-rich Allegany region, Dave Dolbee was introduced to whitetail hunting at a young age. At age 19 he bought his first bow while serving in the U.S. Navy, and began bowhunting after returning from Operation Desert Shield/Desert Storm. Dave was a sponsored Pro Staff Shooter for several top archery companies during the 1990s and an Olympic hopeful holding up to 16 archery records at one point. During Dave’s writing career, he has written for several smaller publications as well as many major content providers such as Guns & Ammo, Shooting Times, Outdoor Life, Petersen’s Hunting, Rifle Shooter, Petersen’s Bowhunting, Bowhunter, Game & Fish magazines, Handguns, F.O.P Fraternal Order of Police, Archery Business, SHOT Business, OutdoorRoadmap.com, TheGearExpert.com and others. Dave is currently a staff writer for Cheaper Than Dirt!

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Comments (23)

  • Charlie

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    Wow, quite a lengthy response. The point being made was that “pride of quality of ownership” is kind of lost in many plastic/polymer, etc long guns. Buying a rifle, be it an AR or a Ruger 10/22, why — in order to have it shoot better do you basically have replace the original parts with aftermarket ones? With a 10/22, you can replace everything but the aluminum serial numbered receiver–and at what cost? With an AR, all you need is a barrel and allen wrench to add on all those “doo-dads”–again, at what cost? Maybe it might be better to buy a real high quality gun that is complete and needs no “extra stuff”. I would think that US made Coopers with walnut stocks and English made bolt and shotguns (Purdy, Rigby,etc.–probably used due to cost) do have that “pride of ownership” and the ability of being handed down with pride to younger generations.

    Reply

    • MisterMischief

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      @Charlie…

      Hey, thanks for a respectful reply…sorry if any of my thoughts to you seemed like I was preaching…I just enjoy talking w/real knowledgeable people/shooters as even in my mid-60s I still love to learn. I only have my own single “AR” experience w/getting very lucky wi/a very special purchase of my POF 308, truly a work of art & definitely not “off the shelf” like just about everything I can guess you wrote about. I did have to add a few accesssories such as a sling (I’m not in the U.S. at the moment so I’m blanking on the name…maybe ?Blue Dog? which can function as a double point attachment front/rear carry or a single point center combat carry for unfortunately what I think is not far around the corner for our nation since the dolt of an occupant currently in the White House can’t keep his bloody mouth shut & understand foreign policy; also given the recent “formal” self-defense” alliance between China/Xi & Russia/Putin against us), a trio of extra Picatinny sections to run the top (they came direct from POF which would have been nice if they’d just included them in the first place as it wasn’t an excessive expense), + I bought 2 Burris quick detach lever-lock Picaatinny rail mounts for my 2 scopes; one for my Burris E1 reticle plex 4.5 X 14 X 42 (awesome scope by the way) to try out for shorter ranges (up to 500 yards max) & to experiment w/for mulies for something different; the other for my 10 X 40 X 50 w/long-range MOA for my goal/desire for doing long-range shooting, & maybe if good enough, even for senior competition in my retirement. The 308’s been a proven sniper round for many years. For deer last year I did use my POF 308 w/Remington 180 grain pointed soft point, the same load I’ve used in my Remington 700 ADL for all my years of hunting since I graduated from PA whitetails as a youth using my shotgun w/slugs. For target shooting I’m using Fiocchi 150 grain Perfecta rounds which I think are mid-grade & if I’m successful enough building my skill I’ll move up to their Exacta which I think is match grade.

      Anyway, again thanks for a respectful reply…I’d love to see the guns of which you write as I’ve never seen either brand, but another day I’ll take a few minutes to read about them on line. Best to you & yours…MM

      Reply

  • Mister Mischief

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    So terribly sad…it’s just another example of corporate American greed, exorbitant upper management salaries, & whining shareholders killing off what was once hands down THE best firearm, ammunition, & firearm accessory manufacturing company in the U.S. And while I understand & support the need for unions in this country to protect workers from the greedy rich & ultra-rich company owners & the upper management who have reached the epitome of the “Peter Principle” in their ladder-climbing to the top, all the while stomping on people working the hardest on the lower rungs of the ladders, even unions have contributed to this demise in some way, albeit a small percentage because of their demands for higher wages beyond their workers’ education &/or training/skill level. This kind of sad demise has often happened to so many U.S. companies, whether related to hunting or shooting, fishing, camping, other recreational activities, or to other companies & businesses such as Maytag, automobile manufacturers & dealers (during the crooked & illegal subprime mortgage crisis in 2008/2009), & many retail store chains as well. All this aside, my comments are leading up to a specific point. I boil insisde w/anger at all injustice & unfairness in this world, & I’m not shy about making angry comments at the local shooting ranges, especially to those certain extreme far right NRA members who claim to be U.S, patriots yet have also contributed to this problem by buying Chinese outdoor goods at big sporting goods store chains & onlilne retailers of the same ilk, but worse still, buying ammunition, firearms, optics, & firearm accessories, etc. from Russia, our greatest enemy. Yet not a single one of them I’ve spoken with has a bloody clue that they are contributing to the downfall of our wonderfull country & the freedoms we enjoy. I’ve already taken steps to attempt to make a significant difference by contacting my state’s two U.S. senators to propose national legislation for a permanent ban on all imporation from Russia on anything & everything that is firearm & ammunition related so we are not directly supporting their military & Putin the murdering thug! (Yes folks, that’s where that money goes directly!) If you are a true patriot, you should do the same, & you should suport Remington & other U.S. companies with your firearm & ammunition purchases. I’ve been hunting with ammunition from the famous Remington green & yellow boxes for over 50 years without a single misfire, & I’ve had no better hunting rifle than my beautiful checkered walnut stock Reminton 700 ADL in 30-06 which is 40+ years old, is still going strong, & is as accurate & dependable now as it was the year I first took it out of the box!

    Thank you Remington for more than half a century of quality, dependability, and the joy I felt in the forests & fields for more than 5 decades with you by my side or lined up in rows in my small game hunting vest! Fight the good fight & don’t give up…there are so many of us half-century plus hunters still around who depend on you during our hunting ventures year after year! I will always be extremely grateful to you for your part in the creation of so many of my fondest autumn memories! I hope the Remington workers get to see my appreciation for their good work over the years!

    MM; HM3; US Navy ’72-’75: USS ENGLAND DLG-22/CG-22; Vietnam vet with Honorable Discharge; enlisted by choice/not drafted! Also with NO smarmy lying excuse about (fake) bone spurs to get out of serving my country like our fake POTUS who kept on sucking & nursing on the family golden teat! I just wonder how much his dear old racist daddy paid off the family doctor to keep the immoral, adulterous, woman-abusing, racist jerk out of the military!

    Reply

  • Murkan Mike

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    A few years ago I bought a Model 700 Sendero in .338 winmag. Then the bolt cracked. I asked Remington what I could do, and they told me that since the weapon was older than 2 years, i could have a local gunsmith repair it for me. I asked them if they were even interested in knowing why the bolt cracked, and they ignored me. The rifle was 2 years and 2 months old when this occured, and had exactly 63 rounds through it. Good riddance to see them go, they got what they deserve. They never really did anything innovative anyway, just kept selling the same models and the same old re-hashed stuff. They couldn’t even figure out how to remove the cast sprue from their plastic triggerguards on their shotguns. Good Riddance!

    Reply

  • linemechanic

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    That there will be a reaction to the bufoonery of the Trump administration is a given. It could likely be some kind of liberal/conservative electoral victory at either the congressional or executive level. Doesn’t matter. The attack on 2A WILL continue. Very short sighted of finance capitalists to abandon this cash cow.

    Reply

  • Ed

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    Shame to see a premiere company like Remington go down the drain. I hope they can reorganize and pull themselves out of this mess created by Cerberus.

    Reply

    • Secundius

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      @ Ed.

      One problem though! Cerberus STILL owns Remington! Until Remington extricates themselves from Cerberus, Remington is still a Non-Entente. Or the Remington manufactures license is sold to Somebody else…

      Reply

  • Richard Rogers

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    So sad to see Remington go under. I would love to purchase an 1100. I have wanted one since I was a kid.

    Reply

  • Jeff

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    The ridiculous part of the anti gun argument is that ; in all of the history of firearms, there has NEVER been a gun that got up one morning and decided: I’m going to go out and kill someone today. It takes a PERSON to pull the trigger !!!

    Reply

  • R. Michael Maddox

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    Makes me question the actions of Cerberus/ Freedom Group. Go around and buy up the gun manufacturers and BANKRUPT them?? Apparently the rest of their name; “Capital Management, with the old LP, didn’t manage the capital very well. Hopefully, Remington and the rest will get a second life. Would really be a SHAME to see a name like that disappear.

    Reply

  • Rocky Rooker

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    People kill people not guns we live on a sew happy time.im sorry for peoples lose and it saddens my heart but it’s not the gun manufacturers fault.my father was killed by a gun but the gun did not load itself.guns are tools and should be looked at so,

    Reply

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