Rick, you and I are both right. Ron Coburn became president in 1987 or 1988 and reformed the company. Which involved shutting down everything but 110 production, according to his own quotes. He bought the company in 1994.
http://www.savagearms.com/history/Between the early 1960's and late 1980's, numerous public and private corporations owned and sold Savage Arms, culminating in a reorganization of the business and a filing for bankruptcy protection in early 1988. Ronald Coburn was named president/CEO and redefined the future of the business. The company downsized and produced only the model 110 bolt-action rifle until mid 1989.
By early 1990, the company was once again on a secure footing, having developed a strategy to build superior products at a reasonable price, something the competition could not match. Savage continued to redefine value during the 1990's, developing new products, improving materials and adding features that were only available in much higher-priced rifles.
Savage became a "consumer sensitive" company, adopting many of the ideas and suggestions offered by firearm users. Management spent time in the field, listening to hunters, talking with guides and comparing notes with industry writers, many of which have since become good friends and confidants over the years. And, since there is no substitute for hands-on experience, management took all new products into the field themselves to learn and appreciate the features and benefits of any new offerings, and fine-tune as needed.
In 1992, Savage designed and patented the SNAIL, an environmentally friendly shooting range system that has since been adopted by all major firearms manufacturers, police, military and private shooting clubs in America and 14 other countries. The NRA, FBI and numerous special forces currently use the SNAIL Savage system.
By 1995, Savage was now financially strong enough to attract potential buyers and the owners showed interest in selling. In order to keep the company focused and under the control of local management, Ronald Coburn raised the money to purchase the company and took it private.
Something for folks to keep an eye out is the highest 99C number in the E serial number range to see if we can't narrow down when production stopped.