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585 Employees Laid-off At Remington

This topic can be found at:
http://forums.accuratereloading.com/eve/forums/a/tpc/f/3611043/m/9851014262

26 October 2020, 22:53
Kensco
585 Employees Laid-off At Remington
Sad news. https://www.uticaod.com/story/...es-ilion/6035934002/
27 October 2020, 01:28
Use Enough Gun
Yes, indeed. thumbdown
27 October 2020, 03:00
Dulltool17
Yep, sad, indeed.


Doug Wilhelmi
NRA Life Member

27 October 2020, 09:12
NormanConquest
That is sad for a variety of reasons, not the least that I hate so see anyone lose their job.


Never mistake motion for action.
27 October 2020, 17:48
Bill/Oregon
Refusing to pay severance and accrued vacation hours seems mighty wrong, but it was a bankruptcy. Hope Roundhill can get the plant back up and running soon.


I won't take a sermon longer than 10 minutes.
27 October 2020, 19:20
Grizzly Adams1
Ah, the inhumanity of Venture Capitalism. gonna be the death of the US in the end.

Grizz


When the horse has been eliminated, human life may be extended an average of five or more years.
James R. Doolitle

I think they've been misunderstood. Timothy Tredwell
27 October 2020, 19:31
Opus1
Remington was swimming in debt before Cerberus Capital bought them. Before the company moved to Alabama it owed $828 million. However, Cerberus made some blunders as it attempted to restructure the debt and tried to capitalize the new facility. When the market softened after Trump's win and before the liberal terrorists took to our streets, they had no chance.

Cerberus bought Remington a few years but the end was predictable.


___________________

Just Remember, We ALL Told You So.
28 October 2020, 16:56
Bobster
But I'll bet the executives got paid plenty to drive that truck into the ditch! Then they'll move on to another company and do it again.

quote:
Originally posted by Opus1:
Remington was swimming in debt before Cerberus Capital bought them. Before the company moved to Alabama it owed $828 million. However, Cerberus made some blunders as it attempted to restructure the debt and tried to capitalize the new facility. When the market softened after Trump's win and before the liberal terrorists took to our streets, they had no chance.

Cerberus bought Remington a few years but the end was predictable.

30 October 2020, 09:08
NormanConquest
read the posting above here by richj.


Never mistake motion for action.
30 October 2020, 17:54
theback40
I got this info from a fellow that is a head honcho for SAAMI.
Rem is close to 1/3 of the ammo manufactured, under the Rem name and ammo loaded for others.
Rem has such poor credit, no raw material sellers will deal with them. That makes Rem one of the main reasons for the ammo shortage going on.
30 October 2020, 19:53
Bill/Oregon
Remington's ammo operation went to a different buyer, Vista, if the court approved this part of the breakup.

The bankruptcy court still needs to approve the successful bids, but they are as follows:

• Vista Outdoor, Inc. as the Successful Bidder pursuant to the terms of the Asset Purchase Agreement attached hereto as Exhibit A with respect to the Lonoke Ammunitions Business and certain IP assets; and SIG Sauer, Inc. as the Backup Bidder thereto pursuant to the terms of the Asset Purchase Agreement attached hereto as Exhibit B with respect to the Lonoke Ammunitions Business;


Vista owns Federal, RCBS, Speer and many other familiar brands.
https://vistaoutdoor.com/brands/


I won't take a sermon longer than 10 minutes.
30 October 2020, 22:58
Use Enough Gun
tu2
31 October 2020, 08:55
NormanConquest
If Vista owns RCBS + Speer then they own CCI so that is where the primers are going. I was aware that they are under contract to fulfil the ammo mfgs. before sale to the public, + with all the craziness going on now + ammo sales being hard to find, primers are even more so.


Never mistake motion for action.