"...outshot the Remington 700's..." Rumoured to have been discontinued because of that.
Manual is here. http://stevespages.com/pdf/remington_788.pdf
Rumoured, but Remington's explanation seems more plausible: It was intended to be a significantly cheaper alternative to the 700, but the cost of manufacturing it was relatively high and that didn't leave enough room for enough profit at the price point. It just made more sense to go to one basic design and make a cheaper version of the 700 available to the lower-budget entry-level buyers who would have been looking at the 788.