Remington arms files for bankruptcy (again)

they filed in 2018 and just filed for it again.

it takes pretty poor management to have to go BK twice in 2 years. they are blaming the pandemic for hurting manufacturing but i think its just piss poor managment.

if you have to go BK twice in 2 years the second time chap 11 shouldnt be an option. the company should be liquidated

Aren’t arms sales thru the roof though? Agree that multiple bankruptcies are the hallmark of poor management.

That’s exactly what it is. And poor quality control.

the whole remington 700 trigger fiasco.

What they did to Marlin as well.

Companies rarely survive a second bankruptcy.

I do believe this particular bankruptcy should be converted to liquidation.

On the subject of bankruptcies in general, I do find the tendency of bankruptcy judges to focus on saving companies to be erroneous and annoying.

Sears is the prime example of this. Sears should have been liquidated almost from the moment they entered bankruptcy. Had it been liquidated, its various creditors including suppliers might have gotten at least some of their money back. Instead it was kept alive on life support, where it has slowly died store by store, with only one person benefiting from this slow death, Eddie Lampert. I think there are about 96 Sears and Kmart stores combined that are still operating and those are continuing to fold.

Bankruptcy is an equity proceeding and the interests of creditors should be weighed equally against the interests of the company and its employees.

Unless a company has a reasonable chance of success when a bankruptcy is discharged, it should instead be liquidated. If there is any doubt, liquidation should be the default choice.

I also think if you are the top exec of a company that has to file for BK you should be barred from running another public company unless the company can make a good case why they nedd you. similar to an NCAA show cause order for coaches.

also if a company files for BK they should be banned from issuing new equity for 5 years.

My BIL has a recently manufactured 870. It’s absolute garbage.

Why not just throw the CEO in prison?

I would disagree with your first assertion. In Remington’s case, the top executives screwed up big time. In Sears case, Eddie Lampert has basically been bleeding the corpse of Sears dry. But then you have the cases of JCPenneys and the numerous other retailers that have gone bankrupt this year. While the executives might not have taken the best course in every case, most of these bankruptcies could not have been prevented, even by the best executives. The retail sector was already in trouble and then COVID-19 brought down the guillotine. The top executives cannot be blamed for their failure to accomplish the impossible.

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Good post.

How so?

The pump action part is always getting stuck when closed. Maybe not always, but way more often then you’d like it to.

That’s absolutely unacceptable in a pump action only design.

I’d get rid of the gun ASAP. It’s pretty much useless, especially if he depends on it for home defense.

Arms sales are through the roof. Doesn’t say much for them that they are failing at this point in time.

I still have an old Remington 12 gauge that my dad gave me at 16.

Nothing special about it other than my Dad gave it to me.

Certainly not my choice in brands these days.

Browning makes a nice Pump shotgun, what’s nice is the ejection port is on the bottom so people like me can shoot either left or right handed. Not to mention my wife really likes it. :smiley:

That’s just the tip of the iceberg. Remington has been producing substandard products for years.

By the way, I have a model 700 30-06 that I purchased in 1963. It has never failed. The trigger issue was never actually proven.

Use it more. Or take it apart and hone the parts. Fit and finish in recent years is allegedly a significant part of Remington’s problems. Making sure that the moving parts move as designed can’t hurt.

My experience with Remington is good. I have two 870s … a 12 ga and a 20. I don’t use them much and maybe they were built before QC began to slip, but I have never had those issues. I also have a 5 yr old R1 .45 1911. Fit and finish on it is better than on my Springfield A1 Mil Spec (which took both honing of parts and 1000+ rounds to make it reliable.) I think the real problem with Remington is management and rumors among gun owners. It’s hard to overcome those sort of problems when there is so many options for gun buyers.

which is why remington recalled the 700 to retrofit the trigger…

Yes and no. They settled. Redesigning and replacing the trigger mechanism was part of the settlement.