Home Forums Hunting & Shooting Hunter's Campfire How America's Oldest Gun Maker Went Bankrupt:

https://www.nytimes.com/interactive/2019/05/01/magazine/remington-guns-jobs-huntsville.html

The news spread around Huntsville, Ala., in the winter of 2014. Remington, the country’s oldest gun maker, had decided to expand from its historic home in upstate New York to a gigantic former Chrysler factory near the airport. Workers at the new plant, the company said, would earn a minimum average of $19.50 an hour assembling shotguns, pistols, hunting rifles and AR-15-style semiautomatics. The city’s mayor wrote in a newspaper column that he was thrilled that Remington’s quest for a new factory space had ended in Huntsville. He calculated the typical annual salary as $42,500.

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Secretive private equity firm bought Remington. That is how.

From the moment Remington was bought, the die was cast, this was intentional. Sorry boys, I think they were doing that 3D Chess thing...

They sure produced some crap firearms

Shouldn't this be in the Remington Collectors sub forum?





hahahahahahahahahahahaha

Typical, not a single mention of Clinton suits against gun manufactures or democrats allowing Remington to be sued for advertising now.


Lets not bring that up.

Having had & still having, intimate relationships with private equity businesses, there is little that is surprising in that article.

Remington will soon die the death of a 1,000 cuts.

MM

Sad that they felt the need to drop in “Republican connections” in the story. It’s not a political issue. This was the “nature of the beast” when it comes to “private equity” groups. They buy companies, run up the debt, pay big salaries/bonuses to the folks at the top, and strip the bones clean.

The amazing thing is that Cerberus was able to get the profits out of Remington, pay off the purchase price, then essentially saddle Remington with the initial debt Cerberus should have incurred for buying Remington. What a shell game. Employees weren’t paid well, Huntsville laid out a ton of money they didn’t get back, taxpayers got screwed, but Cerberus IMMEDIATELY got their purchase price back and had nothing to lose. This is what happens when you’re allowed to play with “other people’s money” and don’t have to play with your own...

AND, they took out a schitt-load of cash, besides.

MM

"I'd like to spit some Beechnut in that dudes eye and shoot him with my old .45"

Fascinating story, another to look at is vista outdoors

Nail meet hammer.

It was bought with the intention of closing it with the idea of extracting as much money as they could.

WTF is your point?

Employees making 19 dollars an hour is what killed Remington?

The typical financial genius here usually blames a Union,

Bonus points awarded for being new and innovative,

Employees getting paid, the nerve.

The point is he is a communist, communists have no economic reality. Lets not blame low grade union workmanship in NY , Trigger Lawsuit which was not handled correctly for any issues. I don't think their deal with Walmart did them any favors either. I want someone to name any company that has ever been bought by a private equity firm that survived and actually grew. They are the financial vampries of this world.

We know what they do. Who TF is dumb enough to loan them money?

you didn't read the article did you?...….and if you did read it , you didn't understand it......bob

Except workers weren't being paid $19/hr. Read the article.

Interesting read.

I like my 870, but that’s the only Remington I own.

I wonder what would've happened to Remington if in the mid-2000's instead of importing Zastava Mauser/mini-mausers and Russian shotguns, they would have upped production out of the custom shop and built 40X precision rifles stocked, barreled, and chambered for F-Class and Precision Rifle with a street price under $3K?