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585 Employees Laid-off At Remington Login/Join 
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Posts: 11648 | Location: Texas | Registered: 10 May 2002Reply With Quote
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Picture of Use Enough Gun
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Yes, indeed. thumbdown
 
Posts: 15970 | Registered: 04 April 2005Reply With Quote
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Picture of Dulltool17
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Yep, sad, indeed.


Doug Wilhelmi
NRA Life Member

 
Posts: 6931 | Location: Retired and on the road, baby! | Registered: 15 October 2013Reply With Quote
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Picture of NormanConquest
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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.
 
Posts: 13819 | Location: Austin, Texas | Registered: 11 March 2013Reply With Quote
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Picture of Bill/Oregon
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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.
 
Posts: 13802 | Location: Alamogordo, NM | Registered: 03 June 2000Reply With Quote
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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
 
Posts: 666 | Location: Central Alberta, Canada | Registered: 20 July 2019Reply With Quote
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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.
 
Posts: 22442 | Location: Occupying Little Minds Rent Free | Registered: 04 October 2012Reply With Quote
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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.
 
Posts: 2624 | Location: SC,USA | Registered: 07 March 2002Reply With Quote
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Picture of NormanConquest
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read the posting above here by richj.


Never mistake motion for action.
 
Posts: 13819 | Location: Austin, Texas | Registered: 11 March 2013Reply With Quote
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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.
 
Posts: 3883 | Registered: 10 April 2009Reply With Quote
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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.
 
Posts: 13802 | Location: Alamogordo, NM | Registered: 03 June 2000Reply With Quote
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Picture of Use Enough Gun
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tu2
 
Posts: 15970 | Registered: 04 April 2005Reply With Quote
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Picture of NormanConquest
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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.
 
Posts: 13819 | Location: Austin, Texas | Registered: 11 March 2013Reply With Quote
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