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Joined: Oct 2013
Posts: 525
4 point
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4 point
Joined: Oct 2013
Posts: 525 |
How Remington went BankruptInteresting read on remington a little long.
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Joined: Apr 2003
Posts: 4,002 Likes: 10
10 point
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10 point
Joined: Apr 2003
Posts: 4,002 Likes: 10 |
Too long...need cliff notes....send help...fading fast
"We aren't here to justify your feelings and give you self worth" - Aldeer Welcome Center
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Joined: Jul 2011
Posts: 39,598
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 39,598 |
Too long...need cliff notes....send help...fading fast Spent too much money, made some stupid decisions, didn't make enough money. I didn't read the article
If my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then will I hear from heaven and will forgive their sin and will heal their land. 2 Chronicles 7:14
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Joined: Jul 2011
Posts: 40,042 Likes: 135
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 40,042 Likes: 135 |
Too long...need cliff notes....send help...fading fast Spent too much money, made some stupid decisions, didn't make enough money. I didn't read the article .... and sell junk to a market that won't tolerate junk.
"Why do you ask"?
Too many people spend money they don't have , on things they don't need, to impress people they don't know.
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Joined: Jan 2005
Posts: 25,176 Likes: 153
Freak of Nature
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Freak of Nature
Joined: Jan 2005
Posts: 25,176 Likes: 153 |
Seems a bunch of bad decisions resulted in a bad business. Shocker. Too many good, well made , better priced options out there for me to ever make the mistake of buying another Remington.
" I do view Jim Waltz as a really good Presidential candidate"
Bama_Earl
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Joined: Jan 2003
Posts: 14,789 Likes: 68
Pope of Aldeer and Expert
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Pope of Aldeer and Expert
Joined: Jan 2003
Posts: 14,789 Likes: 68 |
They buy Para Ordnance change the name to Para...then no more Para. In 1987 i saw my first PO frame built into a 14 shot .45 and knew the future was here.Hopefully the gun folks can revive big green.
Support our country. Kill chickens.
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Joined: Jan 2018
Posts: 6,245 Likes: 19
12 point
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12 point
Joined: Jan 2018
Posts: 6,245 Likes: 19 |
Was shopping for a .243 for my daughter a few years back and since I always had owned Remingtons back in the day I looked at them first. I was shocked and appalled at the garbage quality. Every other single brand I looked at was better built. The metal finishing was sloppy, the stock still had die lines and the action itself was sticky, total crap. Ended up getting a Ruger for the same money. The Ruger has been impressive. Too bad. Back when I was growing up everyone in Alabama had a Woodsmaster 742 it seemed. Those were great guns. Still have it.
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Joined: Nov 2014
Posts: 16,804 Likes: 3
Old Mossy Horns
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Old Mossy Horns
Joined: Nov 2014
Posts: 16,804 Likes: 3 |
Yeah it’s a shame to see something that was so good go to pot.
Compare an older 870 to a new one and you'll see.
“Killing tomorrow’s trophies today.”
On the distance I like to walk to my stands:
“The first 100 yards is also the last 100 yards.”
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Joined: Apr 2015
Posts: 7,917
14 point
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14 point
Joined: Apr 2015
Posts: 7,917 |
Yeah it’s a shame to see something that was so good go to pot.
Compare an older 870 to a new one and you'll see.
This
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Joined: Sep 2012
Posts: 24,233 Likes: 320
Freak of Nature
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Freak of Nature
Joined: Sep 2012
Posts: 24,233 Likes: 320 |
Private equity firm bought them. As ALWAYS. these firms pay off the investors first, load up the company with debt, and break it up and sell off the pieces of the mess they leave behind.
Dying ain't much of a living boy...Josey Wales
Molon Labe
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Joined: Jun 2013
Posts: 57,498 Likes: 127
Freak of Nature
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Freak of Nature
Joined: Jun 2013
Posts: 57,498 Likes: 127 |
Private equity firm bought them. As ALWAYS. these firms pay off the investors first, load up the company with debt, and break it up and sell off the pieces of the mess they leave behind. True. But a chit load of Gun Manufacturers and firearms accs companies were Banking on a Hitlary Win
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Joined: Jan 2019
Posts: 576
4 point
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4 point
Joined: Jan 2019
Posts: 576 |
Out of ten Remington 742 Owners I know of back in the 70's.....All but two were Jammo-matics.....Especially the 30-'06's: Damn spent hull would swell in the chamber....had to take a rod and drive it out of there. I was smart enough NOT to go that route....bought a model 700 in '77.
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Joined: Oct 2008
Posts: 7,627 Likes: 28
14 point
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14 point
Joined: Oct 2008
Posts: 7,627 Likes: 28 |
If you take the time and read it, it’s a good article. Shows how sleazy the corporate world is. They essentially used Remington as collateral on a loan, make Remington take over the loan while taking the cash from the loan, knowing Remington couldn’t pay for it and now conveniently Remington is on the hook for it all. Crazy how that’s legal. But hey they own the company.
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Joined: Aug 2001
Posts: 82,554 Likes: 542
GUVNER
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GUVNER
Joined: Aug 2001
Posts: 82,554 Likes: 542 |
That is actually a well written article. Classic example of New York Wall Street money changers screwing over hard working honest people again. Of course I remember when that deal was going down and just about everybody on here thought it was great Remington was moving a plant to Alabama, but we also kinda knew that something stunk about the entire thing.
"Never Trust Government" -- Smart people.
"The Great thing we should Fear and the Weird Thing we Trust is Elon Musk" -- Me
"You can be broke but you cant be poor." -- Ruthie-May Webster
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Joined: Nov 2012
Posts: 2,639 Likes: 1
10 point
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10 point
Joined: Nov 2012
Posts: 2,639 Likes: 1 |
That is actually a well written article. Classic example of New York Wall Street money changers screwing over hard working honest people again. Of course I remember when that deal was going down and just about everybody on here thought it was great Remington was moving a plant to Alabama, but we also kinda knew that something stunk about the entire thing. Seems like they just had to throw in a racist angle because it’s Bama though but it is the New York Times..Crazy to believe the State gave them a 10 year income tax abatement..
Last edited by BamaPlowboy; 05/05/19 06:03 PM.
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Joined: Oct 2008
Posts: 8,219
14 point
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14 point
Joined: Oct 2008
Posts: 8,219 |
Out of ten Remington 742 Owners I know of back in the 70's.....All but two were Jammo-matics.....Especially the 30-'06's: Damn spent hull would swell in the chamber....had to take a rod and drive it out of there. I was smart enough NOT to go that route....bought a model 700 in '77. The reason for that was not Remington's fault...The problem with the 742 was bolt rails that were not hardened and would wear out with a lot of shooting. That problem was fixed with the 7400. Cases will still hang on the chamber if not kept clean and lightly lubed to prevent rusting.
There are two types of gun enthusiasts ... Those who have been F#CKED by PTG and those who will be!
~ unknown
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Joined: May 2018
Posts: 3,563 Likes: 13
10 point
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10 point
Joined: May 2018
Posts: 3,563 Likes: 13 |
Read my previous posts.....Remington is shucks!!!! Saw this one coming from a mile away. Corporate America is poison, full of liars and cheaters. Freedom Arms Group was the beginning of the end.
Hunting brings out the worst in people.
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Joined: Jun 2013
Posts: 57,498 Likes: 127
Freak of Nature
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Freak of Nature
Joined: Jun 2013
Posts: 57,498 Likes: 127 |
Freedom Arms Group was the beginning of the end. You do know who all they own right? It's just a curious question
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Joined: Oct 2013
Posts: 525
4 point
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4 point
Joined: Oct 2013
Posts: 525 |
As said above the article gives good insight into how the wall street corporate world works. I will give the author credit for actually doing some journalism and digging to acquire some of the facts. The article does have its bias with regard to union labor and racism.
Cliff notes on the financial side of things:
Cerebrus sets up a Holding Company
Cerebrus places money in Holding Company and owns controlling interest.
Holding company buys remington in 2007.
2008 Obama is elected gun sales are thru the roof.
2010 The Holding Company borrows 225mil in cash.
Then the Holding Company buys back its shares from Cerebrus effectively transferring the 225mil in cash to Cerebrus.
Meanwhile Remington is chugging along as a Operating Company.
2012 Obama is elected again. Record gun sales ahead!!!
Cerebrus then orders Remington to take out loans and purchase the debt of the Holding Company.
In 2016 Trump is elected gun sales slide and Cerebrus lost their bet on Hilary winning.
Now sales and profits are raising decreasing and remington cannot keep current on repayment of loan to its creditors.
Remington then negotiates a bankruptcy deal to swap debt for ownership stake by its creditors(banks).
I'm not gonna get into the QC or lack there, and marketing/product line etc. That's a whole nuther ball of wax. Lol.
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Joined: Oct 2008
Posts: 7,627 Likes: 28
14 point
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14 point
Joined: Oct 2008
Posts: 7,627 Likes: 28 |
I'm not gonna get into the QC or lack there, and marketing/product line etc. That's a whole nuther ball of wax. Lol.
I disagree. It's directly related to the company. When Cerebrus lost their bet, they made Remington pay. But the hurt was already done, since they had taken steps to "increase efficiency" which almost always means cutting corners to save expense. By the times they were in trouble, which seems to me not of their (Remington's) own doing, it was too late. Essentially it seemed rigged that whatever happened, be it a Hillary or Trump White House, Cerebrus was going to get their money. Remington was just left on the hook for it.
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