Remington tells employees Do not come back to work

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John Y Cannuck

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https://www.thehuntingnews.com/remington-tells-employees-do-not-come-back-to-work/

America’s oldest gun maker has reportedly furloughed More than 600 employees at their Ilion, New York plant. The move comes in anticipation of next week’s bankruptcy hearing and a lot of uncertainly about the companies future.
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According to WKTV, on Thursday employees received an email from Remington Outdoor Company CEO, Ken D’Arcy, telling them to not come back to work until further notice. The reasons given in the email were that the company had to curtail operations due to liquidity issues, resulting in material shortages.
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“Hard to believe. Hard to believe,” said 21-year employee, Randy Williams, sitting on a stone wall outside the plant, Thursday afternoon. Williams is well acquainted with the rollercoaster of furloughs, shutdowns, and uncertainty that has become Remington over the past several years. But he says this time, it feels different, “It’s never been like this. Never.”
Remington is currently going through bankruptcy and is currently receiving bids from other companies looking to acquire them. The president of UMWA Local 717 union is optimistic the process will end with the purchase of the entire company, and the Ilion plant will emerge, still making guns.
Right now the top bidders include “U.S.-based Sturm Ruger and Thailand-based Royal Defence, which makes armaments for the Thai and other governments.”
Hopefully, things will work out in court and a sale can be finalized so these people can get back to work.
 
https://www.thetruthaboutguns.com/r...mington-ammo-franklin-armory-gets-bushmaster/

Remington Asset Bids Revealed: Ruger Gets Marlin, Vista Gets Remington Ammo, Franklin Armory Gets Bushmaster, Sierra Gets Barnes

Sep 27, 2020 |

Remington-shot-show-feat.jpg
Courtesy Remington

The bidding process for the sale of most of the assets of Remington Outdoor, Inc. is now complete. The debtors — Remington — have selected the successful bidders for each asset or asset bundle, along with backup bidders, and you can read the complete court filing here which details all of the assets purchased.
The bankruptcy court still needs to approve the successful bids, but they are as follows:
• Vista Outdoor, Inc. as the Successful Bidder pursuant to the terms of the Asset Purchase Agreement attached hereto as Exhibit A with respect to the Lonoke Ammunitions Business and certain IP assets; and SIG Sauer, Inc. as the Backup Bidder thereto pursuant to the terms of the Asset Purchase Agreement attached hereto as Exhibit B with respect to the Lonoke Ammunitions Business;
• Roundhill Group, LLC as the Successful Bidder pursuant to the terms of the Asset Purchase Agreement attached hereto as Exhibit C with respect to the non-Marlin Firearms Business; and Huntsman Holdings, LLC and Century Arms, Inc. as the Backup Bidders thereto pursuant to the terms of the Asset Purchase Agreement attached hereto as Exhibit D with respect to certain Firearms Business IP assets and Exhibit E with respect to certain non-Marlin Firearms Business inventory, respectively;
• Sierra Bullets, L.L.C. as the Successful Bidder pursuant to the terms of the Asset Purchase Agreement attached hereto as Exhibit F with respect to the Barnes Ammunitions Business; and Barnes Acquisition LLC as the Backup Bidder thereto pursuant to the terms of the Asset Purchase Agreement attached hereto as Exhibit G with respect to the Barnes Ammunitions Business;
• Sturm, Ruger & Company, Inc. as the Successful Bidder pursuant to the terms of the Asset Purchase Agreement attached hereto as Exhibit H with respect to the Marlin Firearms Business; and Long Range Acquisition LLC as the Backup Bidder thereto pursuant to the terms of the Asset Purchase Agreement attached hereto as Exhibit I with respect to the Marlin Firearms Business;
• JJE Capital Holdings, LLC as the Successful Bidder with respect to the DPMS, H&R, Stormlake, AAC, and Parker brands;
• Franklin Armory Holdings, Inc., or its designated assignee, as the Successful Bidder with respect to the Bushmaster brand and certain related assets; and
• Sportsman’s Warehouse, Inc. as the Successful Bidder with respect to the Tapco brand.
 
blasted_saber said:
So is this Roundhill Group now the owner of the actual Remington branded guns? IE the 700 and 870 etc?

I am interested in what Ruger will do with the Marlin brand.
Click to expand...

I have a model 60 not bad for what i paid for it $139 about 7 years ago - still looks new out of the box (abeit only fired about 50 rounds out of it)
 
Hitzy said:
Cerberus, the parent holding company is the reason, you can read all about it here. Might have to open it in incognito tab to read it.
https://www.nytimes.com/interactive/2019/05/01/magazine/remington-guns-jobs-huntsville.html
Remington was making money.
Click to expand...

Well, that was a long read. But interesting. My take away is it got the same treatment a lot of public companies are getting, where someone buys an existing company and runs it into the ground for profit over the short term. The borrowing of money and directly transfering it to Cerberus was beyond nefarious and should speak volumes.
 
"• JJE Capital Holdings, LLC as the Successful Bidder with respect to the DPMS, H&R, Stormlake, AAC, and Parker brands"

Hopefully, these guys have the H&R / NEF tooling, and can somehow get back into production of the Handi Rifle.
 
Hitzy said:
Cerberus, the parent holding company is the reason, you can read all about it here. Might have to open it in incognito tab to read it.
https://www.nytimes.com/interactive/2019/05/01/magazine/remington-guns-jobs-huntsville.html
Remington was making money.
Click to expand...

Freyr_255 said:
Well, that was a long read. But interesting. My take away is it got the same treatment a lot of public companies are getting, where someone buys an existing company and runs it into the ground for profit over the short term. The borrowing of money and directly transfering it to Cerberus was beyond nefarious and should speak volumes.
Click to expand...

Sounds like what my old company/CEO are doing. They keep taking out loans at 11%
 
Very different thing happening to Remington. Remington has debts more than its value, due to being looted by a holding company and left with a mountain of debt. Remington's assets are being sold piecemeal to satisfy some of their creditors.
Remington was hit by the perfect storm of debt, the bad press of the Remington 700 disaster harming sales, the impending threat of the Bushmaster lawsuit, failing deliveries on orders due to their plant move, and most recently Cobid-19 closure (though the latter is just the final blow.)

Cabela's was a family divestment, a willing sale.
 
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blasted_saber said:
So is this Roundhill Group now the owner of the actual Remington branded guns? IE the 700 and 870 etc?

I am interested in what Ruger will do with the Marlin brand.
Click to expand...

They are the new owner of the Remington brand and most of the properties. They are a property management company, so will be interesting to see what they do with the Remington firearms.
 
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