{"id":89781,"date":"2018-03-27T14:25:28","date_gmt":"2018-03-27T18:25:28","guid":{"rendered":"https:\/\/www.gunsamerica.com\/blog\/?p=89781"},"modified":"2018-03-27T14:25:28","modified_gmt":"2023-08-19T07:43:46","slug":"remington-officially-files-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/gunsamerica.com\/digest\/remington-officially-files-for-bankruptcy\/","title":{"rendered":"No, Remington&#8217;s Bankruptcy Has Nothing to Do with Anti-Gun Protests"},"content":{"rendered":"<div id=\"attachment_89784\" style=\"width: 410px\" class=\"wp-caption alignright\"><a href=\"https:\/\/gastatic.com\/blog\/wp-content\/uploads\/2018\/03\/Screen-Shot-2018-03-27-at-11.27.40-AM.png\" target=\"_blank\" class=\"clickTracking\" campaign=\"remington-officially-files-for-bankruptcy\" title=\"No, Remington's Bankruptcy Has Nothing to Do with Anti-Gun Protests\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-89784\" title=\"No, Remington's Bankruptcy Has Nothing to Do with Anti-Gun Protests\" class=\"wp-image-89784 size-medium\" src=\"https:\/\/www.gunsamerica.com\/blog\/wp-content\/uploads\/2018\/03\/Screen-Shot-2018-03-27-at-11.27.40-AM-400x260.png\" alt=\"No, Remington's Bankruptcy Has Nothing to Do with Anti-Gun Protests\" width=\"400\" height=\"260\" srcset=\"https:\/\/gunsamerica.com\/digest\/wp-content\/uploads\/2018\/03\/Screen-Shot-2018-03-27-at-11.27.40-AM-400x260.png 400w, https:\/\/gunsamerica.com\/digest\/wp-content\/uploads\/2018\/03\/Screen-Shot-2018-03-27-at-11.27.40-AM-150x98.png 150w, https:\/\/gunsamerica.com\/digest\/wp-content\/uploads\/2018\/03\/Screen-Shot-2018-03-27-at-11.27.40-AM-768x500.png 768w, https:\/\/gunsamerica.com\/digest\/wp-content\/uploads\/2018\/03\/Screen-Shot-2018-03-27-at-11.27.40-AM.png 796w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/><\/a><p id=\"caption-attachment-89784\" class=\"wp-caption-text\">Despite what the media is suggesting, Remington&#8217;s bankruptcy has nothing to do with the &#8220;March for Our Lives&#8221; rallies. (<em>Photo: CNN<\/em>)<\/p><\/div>\n<p>We\u2019ve <a href=\"https:\/\/www.gunsamerica.com\/blog\/remington-files-bankruptcy-gun\/\" target=\"_blank\" class=\"clickTracking\" campaign=\"remington-officially-files-for-bankruptcy\" title=\"No, Remington's Bankruptcy Has Nothing to Do with Anti-Gun Protests\">known since February<\/a> that Remington has been seeking financiers to help it enter a controlled bankruptcy, but this week Big Green made it official.<\/p>\n<p>Remington Outdoor and its subsidiaries have submitted a Chapter 11 petition to the federal bankruptcy court in Delaware, according to multiple <a href=\"https:\/\/www.usatoday.com\/story\/money\/2018\/03\/26\/gun-maker-remington-americas-oldest-files-chapter-11-bankruptcy\/457709002\/\" target=\"_blank\" class=\"clickTracking\" campaign=\"remington-officially-files-for-bankruptcy\" title=\"No, Remington's Bankruptcy Has Nothing to Do with Anti-Gun Protests\">media outlets<\/a>. The oldest gun manufacturer in the nation is reportedly $950 million in debt and has struggled to offload products after ramping up production in 2016, according to Remington\u2019s Chief Financial Officer Stephen Jackson.<\/p>\n<p>Jackson told USA Today that expected consumer demand in 2017 \u201cultimately did not materialize.\u201d Other gun manufacturers found themselves in the same boat, prompting \u201cunusually heavy discounting and promotions to reduce their own excess inventory.\u201d<\/p>\n<p>Remington <a href=\"https:\/\/www.gunsamerica.com\/blog\/remington-hunting-new-ceo\/\" target=\"_blank\" class=\"clickTracking\" campaign=\"remington-officially-files-for-bankruptcy\" title=\"No, Remington's Bankruptcy Has Nothing to Do with Anti-Gun Protests\">reshuffled its executive staff<\/a> in 2017, but they couldn\u2019t match the low prices of their competitors. The company also faced a <a href=\"https:\/\/www.gunsamerica.com\/blog\/remington-settles-lawsuit-lays-off-122-employees\/\" target=\"_blank\" class=\"clickTracking\" campaign=\"remington-officially-files-for-bankruptcy\" title=\"No, Remington's Bankruptcy Has Nothing to Do with Anti-Gun Protests\">massive class action lawsuit<\/a>, less-than-impressive recent offerings in the <a href=\"https:\/\/www.gunsamerica.com\/blog\/clay-takes-9mm-remington-rp9-full-review\/\" target=\"_blank\" class=\"clickTracking\" campaign=\"remington-officially-files-for-bankruptcy\" title=\"No, Remington's Bankruptcy Has Nothing to Do with Anti-Gun Protests\">handgun category<\/a>, and a recent drop in nationwide firearm sales.<\/p>\n<p>This isn\u2019t the end of Big Green\u2014at least not immediately. The bankruptcy deal will maintain the company&#8217;s operations, continue pay and benefits for employees and ultimately turn the operating control of the company to creditors.<\/p>\n<p>Cerberus Capital Management acquired Remington in 2007 for $118 million. They unsuccessfully tried to sell the company earlier this year, but have <a href=\"https:\/\/www.npr.org\/sections\/thetwo-way\/2018\/03\/26\/596937376\/remington-declares-chapter-11-amid-trump-slump-in-gun-sales\" target=\"_blank\" class=\"clickTracking\" campaign=\"remington-officially-files-for-bankruptcy\" title=\"No, Remington's Bankruptcy Has Nothing to Do with Anti-Gun Protests\">since agreed to a deal<\/a> in which the company\u2019s creditors\u2014Franklin Templeton Investments and JPMorgan Asset Management\u2014will exchange debt for equity.<\/p>\n<h2>SEE ALSO:\u00a0<a href=\"https:\/\/www.gunsamerica.com\/blog\/remington-870-dm-magpul-magpul-700-v-nevada-coyotes-full-review\/\" target=\"_blank\" class=\"clickTracking\" campaign=\"remington-officially-files-for-bankruptcy\" title=\"No, Remington's Bankruptcy Has Nothing to Do with Anti-Gun Protests\">Remington 870 DM Magpul &amp; 700 Magpul v. Nevada Coyotes \u2014 Full Review<\/a><\/h2>\n<p>While the federal government (thankfully) doesn\u2019t keep records of gun sales, the number of background checks has declined since Gun Salesman in Chief Barak Obama left office. The number of background checks conducted by the FBI remains much higher than before Obama took office, but there was an 8.3 percent drop in 2017.<\/p>\n<div id=\"attachment_89782\" style=\"width: 406px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/gastatic.com\/blog\/wp-content\/uploads\/2018\/03\/Screen-Shot-2018-03-27-at-11.07.58-AM.png\" target=\"_blank\" class=\"clickTracking\" campaign=\"remington-officially-files-for-bankruptcy\" title=\"No, Remington's Bankruptcy Has Nothing to Do with Anti-Gun Protests\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-89782\" title=\"No, Remington's Bankruptcy Has Nothing to Do with Anti-Gun Protests\" class=\"wp-image-89782 size-full\" src=\"https:\/\/gastatic.com\/blog\/wp-content\/uploads\/2018\/03\/Screen-Shot-2018-03-27-at-11.07.58-AM.png\" alt=\"No, Remington's Bankruptcy Has Nothing to Do with Anti-Gun Protests\" width=\"396\" height=\"412\" srcset=\"https:\/\/gunsamerica.com\/digest\/wp-content\/uploads\/2018\/03\/Screen-Shot-2018-03-27-at-11.07.58-AM.png 396w, https:\/\/gunsamerica.com\/digest\/wp-content\/uploads\/2018\/03\/Screen-Shot-2018-03-27-at-11.07.58-AM-144x150.png 144w, https:\/\/gunsamerica.com\/digest\/wp-content\/uploads\/2018\/03\/Screen-Shot-2018-03-27-at-11.07.58-AM-288x300.png 288w\" sizes=\"(max-width: 396px) 100vw, 396px\" \/><\/a><p id=\"caption-attachment-89782\" class=\"wp-caption-text\">(<em>Photo: USA Today<\/em>)<\/p><\/div>\n<p>Mainstream media outlets have dutifully included in their coverage of Remington references to this week\u2019s gun control protests, apparently suggesting that the two are somehow related. But as much as Emma Gonzalez would like to take credit for bankrupting Remington, the company\u2019s troubles began long before high schoolers started dictating national policy.<\/p>\n<p>If she\u2019s not careful, though, she might steal the Gun Salesman in Chief title from our former president. AR-15 lower receivers have been suspiciously difficult to find of late. Primary Arms is <a href=\"https:\/\/www.primaryarms.com\/1+Lower-Receivers\/MCategories+AR-15\" target=\"_blank\" class=\"clickTracking\" campaign=\"remington-officially-files-for-bankruptcy\" title=\"No, Remington's Bankruptcy Has Nothing to Do with Anti-Gun Protests\">out of stock<\/a> of several of the most popular brands, and Aero Precision\u2019s lower receivers have <a href=\"https:\/\/aeroprecisionusa.com\/m4e1-stripped-lower-receiver-anodized-black.html\" target=\"_blank\" class=\"clickTracking\" campaign=\"remington-officially-files-for-bankruptcy\" title=\"No, Remington's Bankruptcy Has Nothing to Do with Anti-Gun Protests\">disappeared as well<\/a>.<\/p>\n<p>The firearms community hasn\u2019t quite hit Full Freakout Mode circa 2016, but if Gonzalez continues her crusade and the 2018 midterms swing left, Remington sales will be back up in no time.<\/p>\n<h2 style=\"text-align: center\">***Don&#8217;t forget to Shop for ARs <a href=\"https:\/\/www.gunsamerica.com\/Search.aspx?Keyword=AR-15\" target=\"_blank\" class=\"clickTracking\" campaign=\"remington-officially-files-for-bankruptcy\" title=\"No, Remington's Bankruptcy Has Nothing to Do with Anti-Gun Protests\">on GunsAmerica<\/a>***<\/h2>\n","protected":false},"excerpt":{"rendered":"<p>We\u2019ve known since February that Remington has been seeking financiers to help it enter a controlled bankruptcy, but this week Big Green made it official.\u00a0\u00a0<\/p>\n","protected":false},"author":54,"featured_media":50907,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_specdata_upc":"","_specdata_placement":"","footnotes":""},"categories":[7,111,593],"tags":[132,617,67],"featured":[],"hunt365":[],"class_list":{"0":"post-89781","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gunsamerica-authors","8":"category-industry-news","9":"category-jordan-michaels","10":"tag-buzz","11":"tag-industry-news","12":"tag-remington"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>No, Remington&#039;s Bankruptcy Has Nothing to Do with Anti-Gun Protests<\/title>\n<meta name=\"description\" content=\"As much as Emma Gonzalez would like to take credit for bankrupting Remington, the company\u2019s 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With family in Canada, he's seen first hand how quickly the right to self-defense can be stripped from law-abiding citizens. He escaped that statist paradise at a young age, married a sixth-generation Texan, and currently lives in Tyler. Got a hot tip? 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