Comment on another thread: “If Remington Arms can take back their company and restore it to the quality it used to be, this could be a good thing. Bloomberg, of course, is heavily twisting this story blaming the bankruptcy on a Pro-Gun President. Yes that does lower sales BUT, sales for similar rifles of other brands are remaining strong. Why? Because Remington was bought out by a huge holding-house and their quality of their products have suffered greatly. Gun owners are a tight community and we talk a lot among ourselves. If someone puts out a shoddy low-quality product, as Remington started doing, we talk about it. Bloomberg, in this pathetic ‘hit-piece’ they call “news”, also takes the liberty to expand this story with anti-gun propaganda that is not only sickeningly biased, but void of facts.” – James Cool
For two centuries, it has been a totem of America’s gun culture — a name emblazoned on frontier flintlocks and U.S. Army .45s.
But on Monday Remington Outdoor Co., which traces its history back to 1816, said it would file for bankruptcy protection, succumbing to a slump in business worsened by, of all things, a president who has steadfastly supported Americans’ right to bear arms.
The bankruptcy is a blow to the private-equity mogul Stephen Feinberg, who has been a prominent supporter of President Donald Trump. Feinberg’s firm, Cerberus Capital Management, acquired Remington in 2007 and subsequently saddled it with almost $1 billion in debt. The Chapter 11 bankruptcy filing will let Remington stay in business while it works out a plan to turn around the company and pay its creditors.
by Eliza Ronalds-Hannon and Polly Mosendz
