Remington does it again... Bankruptcy No 2.

[d2wing]

I suspect things will get worse before they get better. Investment bankers are like cancer on quality production of anything.

 

[Ivy Mike]

Turkish or Chinese made Remingtons?

yup. There is very little reason to open up new manufacturing anywhere in the USA. CNC machines do not care where they live. Casting dies do not care where they live.
If I were looking to keep the Remington name, I'd be tooling up to make most of the basic parts in China, finish enough of them and assemble in the USA to avoid importation trouble. There is no danger of losing the intellectual property to China since it's already out of patent protection and the Chinese don't care about it anyway. And now that I think about it, it might simply be easier to just buy the 80% parts from Norinco and ship them over. They can keep their union workers in New York just to assemble gun parts kits and do final fitment. You might finally get your chance to buy an M14 or any number of Norinco arms that we currently can't get here because Chy-nah.
Another American firm sold off overseas with the blessings of the free market.

 

[Slater]

Haven't seen any around lately, but the Chinese clone of the Remington 870 ("Hawk Industries"?) used to be a common sight at gunshows and gun stores. Heard generally positive feedback on those. The Chinese supposedly tweaked the design in a couple areas, but I'm not sure what was modified.

 

[jhb]

I understand broke is broke and hard choices are made to survive but i still hate seeing hard working Americans lose their paychecks. I also dislike seeing the Alabama facility closing, it sounds like. I have one of the remington 1911s from there. good pistol and was a bargain. guess a collectible now, sadly.


hoping as ugly as this is sounding...... they turn it around and get back to providing good jobs and making good products. guess we'll see.

 

[Legionnaire]

I'm a long time Remington fan and have more Remington long guns than any other. Years ago I heard Lester Thurow say, "In the 21st Century, if you have third world skills, you'll make a third world wage, no matter where in the world you live." I hope the best for the long-term Remington employees and don't mean to imply that they have third world skills, but one can't long survive using costly old equipment and paying inflated union wages to make and sell products that are no longer competitive. I grew up in Pittsburgh and watched the old way of making steel die. There is still plenty of steel about, but the old plants are dead and gone ... as are most of the generation that kept saying "steel will be back."

 

[theotherwaldo]

Yeah, using machinery that came around the Horn on a clipper ship may be cool and may turn out beautiful and sometimes superior guns when created by truly skilled machinists, but it's not the way to stay in business in the modern era.
Most of those truly skilled men are long gone.
It's time to use the new methods and new technicians, whoever and where-ever they may be.

 

[mcb]

And the hits keep coming

https://www.wktv.com/content/news/U...erance-to-terminated-employees-572863721.html

On Friday, October 23, 2020, Remington Outdoor Company told its employees that it was terminating the employment of 585 workers at its Ilion, N.Y. plant effective October 26, 2020 and was cutting off all their health care and other contractual benefits on October 31. Further, the company is refusing to pay severance and accrued vacation benefits, as it is obligated to do under its collective bargaining agreement with the United Mine Workers of America (UMWA).

I am not sure how this could not have happened. Remington Outdoor Company is dissolving since it is flat broke. When the dust settles Remington Outdoor Company will no longer exist. Roundhill will own the Ilion NY facility and is bound by their agreement to purchase the Remington Ilion facility to rehire 200 of those Union workers and allow the union to bargain for them but that is Roundhill and that will be a new employment/bargaining agreement. Roundhill has agree to let the union represent the workers but I don't think they will be bound by agreements between the union and Remington Outdoor Company but will have to come to a new collective bargaining agreement with Roundhill.

 

[ilbob]

I suspect things will get worse before they get better. Investment bankers are like cancer on quality production of anything.

That's just plain false. The vast majority of takeovers involving investment bankers do not end up with poor quality merchandise. A lot of times when a bankrupt company is purchased though the merchandise they're making isn't worth much anyway and nobody wants it which is why their bankrupt in the first place. In those cases they do milk it because that's all it's worth. It doesn't have a long-term future sometimes. get what you can out of it while you can and move on. But most of the time you barely notice when a company is bought out.

 

[godale]

And it continues to get worse

 

[AFSG]

So the shotgun with detachable mag didn’t put them in the black? Imagine that.

I made a good hussle on one bought for $300 sold for $600. No haggling just cash. Maybe they should have held off until the election got closer.

 

[mcb]

https://www.thetruthaboutguns.com/b...0Mw1GRGKFIfZN_7x2yZFBTwWVVorfkBTb0WOlqe9eOS-E

So on one hand it is nice to see that other people think the Roundhill Group and D'Arcy deal buying Remington firearms for $13M was a bit shady.

On the other hand I am not sure the Union's expectation are realistic in anyway either. Remington Outdoor Company just went bankrupt (for the second time) and yes is sucks they are not getting a severance and back vacation pay and their benifits are getting cut off on the 31st but who is suppose to pay that? The money is all gone and when the dust settles from this mess Remington Outdoor Company that owes them this money will be gone to.

Despite the shady deal that got Roundhill Group ownership of Remington Firearm's assets it seems wholly unrealistic to expect Roundhill to pay this back vacation pay or a severance for those they do not rehire since it was an asset sale not a company acquisition. They agreed to rehire 200 union employees and that seems rather generous on their part. I would not have touched the deal if a union was involved but I am biased against unions having never had a positive interaction with a union in my entire working life and several very negative interactions.

This really seems like the Remington Firearms aspect of the Remington Outdoor Company breakup its turning into a case of ******** colliding.

 

[Blackstone]

Looking to get a Remington 700 PCR some time next year....should I be concerned?

 

[mcb]

Looking to get a Remington 700 PCR some time next year....should I be concerned?

You better get it now if you really want it. It's going to be a fair amount of time before they are making anything again in Ilion. Roundhill does not even have an FFL at the moment. They can't make guns even if they had a functional factory and a willing work force to man it until they have jump through all the ATF hoops. They don't have the willing work force either since the union employees they are suppose to rehire are pissed at them at the moment. Not to mention the Feds are investigating Roundhill and Ken D'Arcy (current CEO) for the potentially shady deal we have talked about in this thread and others. Yeah Remington Firearms and the new Roundhill Group owners are a pair of dumpster-fire at the moment. I would not hold my breath for a Roundhill/Remington product. I also would not be surprised if the PCR is drop from the product line. It is not FUDD enough for D'Arcy et al.

 

[Robert]

14 pages seems like more than enough. Right now the sale is so fresh no one knows what's going to happen. When we actually have more than just conjecture and speculation we can revisit the topic.