The news is all over the wire about the breakup of the Remington Outdoor Company following its last bankruptcy.
I know a lot of good people there and my heart goes out to them.
I am waiting for some anti-gun activists to claim victory for this.
It wasn’t them. It was the motherfucking, sons-of-bitches, piece-of-shit hedge fund managers that bled that company dry they way they do.
It’s a sad day for a 204 year old American company.
I hope that any anti-gun activist who decides to do a victory dance on this gets hit with instant karma and falls into a sewer to drown gurgling raw sewage.
It may not be a bad thing.
The vultures lost most of what they paid, perhaps everything. The vulture lawyers lost everything. Various purchasers grabbed the pieces; the WSJ speaks of buyers for the “weapons” and the “ammunition” parts in particular.
So what this looks like to me: a conglomerate constructed by useless money grubbers fell apart, but the valuable pieces were purchased and may well live to see another day, hopefully in the hands of better people. Meanwhile, the people who were looking for “deep pockets” to rob have been erased from the picture.
Hey, businesses fail. A new firearms company will likely spring up or competitors will get bigger and better. It is no true victory for anti-gun fanatics since I could point out the economic losses in their propaganda mouthpieces (also known as the Fake News Media) and their overall legislative and judicial defeats.
Looserounds.com has a post showing who is buying what. Most of the pieces are going to established companies. Vista bid for the ammo business, Ruger is buying Marlin, Franklin Armory wants Bushmaster, Sierra is
buying Barnes and Sportsman’s Warehouse bid on Tapco. Some outfits I never heard of bid for the actual Remington arms business (with Century as a backup) and another random wants DPMS, AAC and some other small units.
I think some of these units will end up better off if the buyer doesn’t relocate. Marlin and its workers will definitely benefit from Ruger and with the current demand for ammunition Vista and Sierra will likely keep the acquired plants as more capacity.
That “random” that wants DPMS, AAC, Stormlake, and H&R is…. Palmetto State Armory
Thanks, I didn’t know their corporate name
I do hope that the buyers take the time and effort to return legacy products to their former quality.
I’d love an 870 that will wear in rather than wear out that I can pass down or a 700 with walnut or curly maple furniture that I can take my kid out to bag their first deer with.
Same for Marlin. Get rid of the loss leader price point guns with innards so burred and rough you could grate cheese on them. No one was buying the 7-800 dollar guns when a 300 dollar Savage did the job better and came with an acceptable optic.
Investment groups who are not passionate about the business will gut, run out, cut corners, and lower quality till it goes bust then go to the next thing waving around their balance sheet and cost/expenditure books while kicking the rotting corpse of their last job under the interview table.