Remington Is Planning to File for Bankruptcy

[liberal N proud]

Remington Is Planning to File for Bankruptcy
By and
February 12, 2018, 12:28 PM EST
Updated on February 12, 2018, 3:54 PM EST
Sales fell after Trump’s election calmed fears of crackdown
Plan calls for ownership to pass to company’s debtholders
Guns in America

For two centuries, it has been a totem of America’s gun culture -- a name emblazoned on frontier flintlocks and U.S. Army .45s.

But on Monday Remington Outdoor Co., which traces its history back to 1816, said it would file for bankruptcy protection, succumbing to a slump in business worsened by, of all things, a president who has steadfastly supported Americans’ right to bear arms.

The bankruptcy is a blow to the private-equity mogul Stephen Feinberg, who has been a prominent supporter of President Donald Trump. Feinberg’s firm, Cerberus Capital Management, acquired Remington in 2007 and subsequently saddled it with almost $1 billion in debt. The Chapter 11 bankruptcy filing will let Remington stay in business...


https://www.bloomberg.com/news/articles/2018-02-12/cerberus-s-remington-will-cede-control-to-lenders-in-bankruptcy

[maxsolomon]

1. a "blow" to Feinberg?

I thought the plan was to load it with debt and extract that money for private gain, then walk away and let it go into bankruptcy.

sounds like it went according to plan.

gunners: don't worry, someone will buy the name. it's an asset.

[underpants]

2. Stinks of vulture capitalism

Industry wide, gun manufacturing had been ramping up even as ownership rates decline. More than 11 million firearms were manufactured in the U.S. in 2016, up from fewer than four million a decade ago, according to data from the Bureau of Alcohol, Tobacco, Firearms and Explosives. In 2014, 31 percent of American households reported owning a firearm, down from 47 percent in 1973, according to a report from National Opinion Research Center at the University of Chicago.

[GP6971]

3. See what hppens when a repuke is elected president?

We need a democrat in the office to drive up sales because we're coming for your guns.

[Hoyt]

4. Good, friggin racist, NRA supporting, gun profiteers.