September 28th, 2020

Remington Assets to Be Divided Among Multiple Companies

Remington Factory Bankruptcy chapter 11

This is a sad story. Remington, America’s oldest continuously-operated gunmaker, has collapsed due to debts and litigation. Through a bankruptcy proceeding, Remington’s product lines and other assets are being acquired by a variety of companies, including Ruger, Vista Outdoor, Sierra, and other large shooting/outdoor industry enterprises. Notably, Ruger will pay $30 million to get the Marlin brand, and Sierra will take over Barnes bullets/ammo business, paying $30.5 million.

The sell-off of Remington assets, specifically product brands, will be going forward through Federal Bankruptcy court, with an order expected Tuesday September 29, 2020. The Shooting Wire reported on 9/28/2020:

Although it won’t be formalized until approved at a hearing scheduled tomorrow (Tuesday, September 29, 2020) in the United States Bankruptcy Court for the Northern District of Alabama, the breakup plan for Remington was filed yesterday. Barring something unforeseen, Remington and its associated companies will be divided among Ruger, Vista Outdoor, Roundhill Group, LLC, Sierra Bullets, Sportsman’s Warehouse, Franklin Armory, and JJE Capital [Palmetto State Armory]. Remington’s Lonoke, Arkansas, ammunition business will go to Vista Outdoor (with SIG Sauer as a backup bid), Sierra Bullets will acquire the Barnes Ammunition interests, Ruger will acquire Marlin, Franklin Armory will assume the Bushmaster brand (and related assets), JJE Capital Holdings will assume DPMS, H&R, Stormlake, AAC, and Parker brands, and Sportsman’s Warehouse will acquire the Tapco brand.

Remington assets will be divided among: Franklin Armory, JJE Capital, Ruger, Roundhill Group, Sierra Bullets, Sportsman’s Warehouse, Vista Outdoor. Roundhill will take over production of Remington firearms which will continue in Ilion, New York.

Remington Factory Bankruptcy chapter 11
Remington-owned brands displayed at Remington booth at SHOT Show. Photo by Remington.

Even with surging firearms sales in 2020, Remington Arms Company (Remington) found itself in financial trouble — with overwhelming obligations to creditors and investors. Accordingly, on July 27, 2020, Remington filed for Chapter 11 Bankruptcy — the second time in recent years.

Remington Factory Bankruptcy chapter 11

Remington, based in Madison, North Carolina, previously filed for Chapter 11 in March 2018. With major loan reorganizations, Remington “emerged nearly two months later, having converted more than $775 million in debt into equity for its lenders.” (Source: Syracuse.com.) However, despite this debt-restructuring, the company struggled with high interest costs and litigation related to the 2012 Sandy Hook school shooting. The perpetrator had a Bushmaster XM15-E2S rifle sold by Remington.

Remington Factory Bankruptcy chapter 11

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July 28th, 2020

Remington Arms Company Files for Bankruptcy (Again)

Remington Factory Bankruptcy chapter 11

Even with surging firearms sales in 2020, Remington Arms Company (Remington) found itself in financial trouble — with overwhelming obligations to creditors and investors. Accordingly, on July 27, 2020, Remington filed for Chapter 11 Bankruptcy — the second time in recent years.

Remington Factory Bankruptcy chapter 11

Remington, based in Madison, North Carolina, filed for Chapter 11 in March 2018. With major loan reorganizations, Remington “emerged nearly two months later, having converted more than $775 million in debt into equity for its lenders.” (Source: Syracuse.com.) However, despite this debt-restructuring, the company has struggled with high interest costs and litigation related to the 2012 Sandy Hook Elementary School shooting. The perpetrator had a Bushmaster XM15-E2S rifle sold by Remington.

This time, there are more challenges — and it’s unclear how the company’s operations will fare in the months and years ahead. According to the Wall Street Journal, the debt-burdened firearms maker will seek buyers for its assets:

Remington Arms Declares Bankruptcy Despite Surging Gun Demand
Firearms maker Remington Arms Co. filed for bankruptcy protection for the second time since 2018, weighed down by more debt than it can repay even as fearful Americans buy more guns than ever.

Remington … sought chapter 11 protection and will try to sell its business at a time when civil unrest and worries about personal safety have driven firearm sales to record highs.

The chapter 11 petition in the U.S. Bankruptcy Court in Decatur, Alabama, marks Remington’s second restructuring since 2018, when it filed for chapter 11 and transferred ownership to investors including Franklin Resources Inc. and JPMorgan Chase & Co.

Remington has been searching for potential buyers and was in talks to sell itself out of bankruptcy to the Navajo Nation before negotiations collapsed in recent weeks, leaving the company without a lead bidder, or stalking horse, in place.

The manufacturer’s firearms and ammunition businesses could be sold off separately, according to a person familiar with the matter.

Source: Wall Street Journal, Emphasis Added

Remington Factory Bankruptcy chapter 11

Remington Has a Storied History
Founded in 1816 by Eliphalet Remington in New York, Remington is the oldest continuously-operating gun manufacturer in the United States. Even with its present difficulties, Remington still sells more sporting rifles and shotguns than any other American company. Remington has developed more cartridges than any other U.S. company. And it is the only American company that sells firearms AND ammunition under its own name.

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March 19th, 2013

Mike Walker, Remington Gun Designer, Passes at Age 101

Legendary firearms engineer Merle “Mike” Walker passed away on March 6, at the age of 101. Walker was one of the most important gun and cartridge designers of the 20th Century, and he also was a leading proponent of benchrest shooting. Mike worked for Remington Arms Company for 37 years, as a lead designer and engineer. While at Remington, Mike created many of Remington’s most popular bolt action rifles. For many years, Mike served as Director of Research and head of the Custom Shop at Remington’s, Ilion, NY facility.

Mike Walker Remington

Mike led the development of many important Remington rifle designs, including the Rem m700, Rem 40X, Rem m721, and Rem m722. Walker held numerous patents, mostly for trigger designs.

“Without a doubt, the Remington Model 700 is the most popular commerical, high-power, bolt-action rifle in the world. The Model 700 is actually a product-improved Model 721 and Model 722 bolt-action rifle, the brain-child of Merle ‘Mike’ Walker and his Remington design team in the 1940s.” — Roy C. Marcot, The History of Remington Firearms

Mike was a major pioneer in modern cartridge design — he was the originator of the .222 Remington and the 6mm Remington Int’l rounds. According to Guns & Ammo: “Long-time Remington employee and benchrest competitor Mike Walker, who headed up the M722 design team, is largely credited with the development of the .222 Rem”. The .222 Rem (aka “Triple Deuce”) dominated short-range Benchrest competition until the advent of the PPC cartridges.

Mike Walker

Walker also worked with Jim Steckl on the .30-cal wildcat that eventually evolved into the 6mm Bench Rest Remington. This cartridge demonstrated the accuracy and efficiency of the “short, fat” case design. When brass was eventually produced for the 6mmBR Rem, Mike convinced Remington to produce a run with a small primer pocket. Thanks to these pioneering efforts by Walker and Steckl, we now have the ultra-accurate 6mmBR Norma (with a small primer pocket), and the 30BR wildcat.

Mike was one of the “founding fathers” of the International Benchest Shooters (IBS), and he was in the early IBS leadership group. He was a talented (and dedicated) benchrest shooter. Remarkably, Mike shot in the 2010 IBS Nationals at age 99. Mike also played an key role in the creation of Precision Shooting Magazine. Still engaged in his passion for gun-building and firearm design, he worked in his shop even at the age of 101. He passed in a hospital on March 6, 2013 after hip replacement surgery.

Mike Walker

IBS President Jeff Stover tells us: “The term ‘living legend’ is used in many sports and endeavors. Rarely, though, is that term used as accurately as when referring to Mr. Merle ‘Mike’ Walker. He developed the Rem 700, he helped invent the button rifling process and many other firearms innovations. Probably the last time he shot in competition was at the 2010 IBS Group Nationals at Weikert, Pennsylvania. He got around quite well — even at 99 years of age! He shot an older rifle in a beat-up stock, but he was there on the line with the rest of us. During one match Mike was having some problems and it was close to cease fire time. Our range officer could see that everyone else had finished. Mike kept shooting, trying to get five on paper. The range was quiet except for the reports from Mike’s rifle. When it was clear that all five were on paper, ‘cease fire’ was finally called. There were no questions as to what happened — all of us on the line realized it was a tribute to probably the only real Living Legend that any of us would meet, let alone shoot with….”

Mike Walker will be missed. As James Mock has written: “We in the shooting community are truly diminished. Mike was an icon of the innovative spirit of America.” Mike Walker was a true pioneer who has left an enormous legacy to all those engaged in the “pursuit of accuracy”.

Rest in Peace, Mike Walker. Thank you for your contributions to our sport.

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