Reuters news service reported Feb. 8 that, “Remington Outdoor Company Inc … has reached out to banks and credit investment funds in search of financing that will allow it to file for bankruptcy … .” People allegedly close to the issue, who requested anonymity, were cited as the primary source of the information, although there was no official statement in the story.
An earlier report from Reuters, last month, indicated the company was in negotiations with banking firm Lazard Ltd. to “ … restructure its 950 million debt pile … ” Cerberus Capital—the owner of Remington Outdoor—and the financial institution both declined to comment at the time.
Procuring financial help or securing protection during reorganization isn’t a death sentence, however. Colts Manufacturing, for example, has a history of rising from situations pundits claim should have spelled its ruin. Its most recent challenge of 2015 seemed ancient history as it unveiled a Custom Competition 1911, Night Cobra Revolver and more during January’s SHOT Show.
Changes in the landscape continue to surface after the 2017 arrival of a “New Norm” in gun and gear sales, which came after many manufacturers invested in machinery and personnel to meet the unprecedented demand in 2015 and 2016. Freedom Munitions, a Lewiston, Idaho-based manufacturer of new and remanufactured ammunition, for example, laid off an unknown number of its staff on Jan. 31. Similar adjustments were made by other firms throughout 2017.
Remington is America’s oldest gunmaker, with a rich history that dates back more than 200 years. Its firearms have served in the hands of our marksmen on the front line of freedom since 1841, a tradition that continues to this day.
The Remington Outdoor family of companies currently includes Remington, Marlin, DPMS Panther Arms, Advanced Armament, Bushmaster, Parker Gun, Harrington & Richardson, Barnes Bullets, Nesika, Storm Lake Barrels, Dakota Arms, Tapco and TimberSmith stocks. Updates will be added as they become available.
