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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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February 28th, 2018

Dick’s Sporting Goods Stops Selling ARs and Raises Purchase Age

Dicks sporting goods modern sporting rifle AR15 gun bank age 21

Dick’s Sporting Goods, a major sporting goods retail chain, will stop selling AR-platform rifles, and require a minimum age of 21 years to purchase ANY and all firearms, not just handguns. In addition, the company will stop selling “high-capacity magazines”. The Chairman/CEO of Dick’s Sporting Goods, Edward W. Stack, announced these new policies yesterday (2/27/2018), while appearing on the Good Morning America TV show. Stack said the ban would begin immediately, with ARs and other mag-fed semi-automatic rifles being removed from all Dick’s stores (and deleted from the company’s website).

The action was prompted by the recent school shooting in Parkland, Florida. Stack stated: “As we looked at what happened in Parkland, we were so disturbed and saddened by what happened we felt we really needed to do something. When that happened we realized … we did everything by the book. We did everything that the law required, and he was still able to buy a gun. And when we looked at that, we said the systems that are in place across the board just aren’t effective enough to keep us from selling someone a gun like that.” Notably, Stack revealed that Nikolas Cruz, the Florida school shooter, had purchased a shotgun from Dick’s last year (however, that shotgun was NOT used in the shooting).

Dicks sporting goods modern sporting rifle AR15 gun bank age 21
Dick’s Sporting Goods will no longer sell AR-platform rifles and other similar, semi-auto, mag-fed rifles. It is unclear if other, more traditional semi-auto centerfire rifles will still be sold.

Stack also urged elected officials to enact “common sense gun reform” by banning “assault-style” firearms (his terminology, not ours); raising the minimum age to purchase all firearms to 21; banning high-capacity magazines; banning bump stocks; and requiring more complete universal background checks that include relevant mental health information and previous interactions with law enforcement. Stack also hopes that a universal database of those banned from buying firearms is created, and that private sales without background checks are disallowed. (Source: IndyStar.com)

Previously, in late 2012, Dick’s removed semi-auto AR/AK-type rifles from its main retail stores in response to the school shooting at Sandy Hook. However, after a few months, sales of ARs and similar rifles resumed at Field & Stream stores operated by Dick’s.

There will be no going back this time, Stack said, emphasizing that the policy changes will be permanent. In an open letter, Stack announced: “We support and respect the Second Amendment, and we recognize and appreciate that the vast majority of gun owners in this country are responsible, law-abiding citizens. But we have to help solve the problem that’s in front of us.”

What do you think about this action by Dick’s Sporting Goods? You can express your views by clicking the Post Comment link below…

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April 7th, 2013

NSSF Attacks Flaws in Connecticut’s New Gun Legislation

Over the objections of legions of Connecticut gun-owners, Connecticut enacted what has been called the “nation’s strictest gun laws” (Huffington Post). Along with new controls on semi-automatic rifles, magazine-capacity limits, and restrictions on ammunition purchases, Connecticut adopted a new system of background checks on all gun transfers. Apparently, the new legislation was so poorly drafted that Connecticut’s new gun laws do not comply with Federal NICS procedures.

The National Shooting Sports Foundation (NSSF), the trade association for the firearms and ammunition industry, issued the following statement: “Gov. Dannel Malloy … signed into law a package of gun-control legislation that was assembled in secret by a small group of state legislators and that never received a public hearing. Most legislators had little time to even read the actual bill language. The unfortunate results of this process… [are] that mistakes in [the] enacted law will have to be corrected.

For example, language in the new law specifies a procedure for licensed firearms retailers to perform mandatory ‘universal’ background checks on private party transactions that is not permissible based on federal law and regulations governing the National Instant Criminal Background Checks (NICS) system. As we read it, this mistake in lawmaking means that all private party transactions in the state now cannot be accomplished legally. We will be carefully studying all provisions of the law for possible challenge in the courts.”

The new Connecticut gun-control laws are the main focus of this week’s Gun Talk® Radio show with Tom Gresham. Richard Burgess, President of Connecticut Carry, joins Tom this Sunday to discuss the latest anti-gun legislation passed this week by Connecticut legislators and signed into law by Governor Malloy.

The new legislation, among other things, adds more than 100 firearms to the state’s assault weapons ban and creates what is being called the nation’s first dangerous weapon offender registry, as well as a magazine ban and eligibility rules for buying ammunition. You can learn more about Connecticut’s passage of the new laws in a feature from the Litchfield County Times.

In its 19th year of national syndication, Tom Gresham’s Gun Talk Radio airs live on Sundays from 2:00 pm to 5:00 pm Eastern, and runs on more than 138 stations, plus on XM (Ch. 165) Satellite Radio. All Gun Talk shows can be downloaded as podcasts or accessed via Apple iTunes. To get more information, visit www.guntalk.com.

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March 19th, 2013

Colt Employees Attend Connecticut Gun Law Hearing in Hartford

On March 14, 2013, 550 employees of Colt’s Manufacturing Company traveled to the Legislative Office Building in Hartford, Connecticut. They came in strength to show support for Connecticut-based firearms manufacturing, and their message was direct: “Save our Jobs.”

Last week workers from two Colt operating companies (successors to the famed Colt Armory), boarded buses bound for the Legislative Office Building, in Connecticut’s state Capitol complex. They came to participate in a General Assembly committee hearing on a large number of gun-control measures under consideration in the wake of the Sandy Hook tragedy. Michael Holmes, Colt United Auto Workers Shop Chairman, testified at the hearing, as did NSSF Director Government Relations, State Affairs Jake McGuigan, Joe Bartozzi from O.F. Mossberg, and Mark Malkowski of Stag Arms. Though not all the proposed additional gun-control legislation will move forward for eventual votes, action on some of the measures is expected within days.

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February 27th, 2013

Connecticut Firearms Manufacturers and Employees Speak Up

The National Shooting Sports Foundation (NSSF) has produced a video in which management and employees of three Connecticut-based companies, O.F. Mossberg & Sons, Stag Arms, and Ammunition Storage Components, talk about the importance of their jobs and how their companies contribute to the Constitution State’s economy.

This video was produced in response to Connecticut Gov. Dannel Malloy’s recent call for severe new gun control laws. An NSSF statement noted: “We are troubled by the Governor’s apparent change in attitude[.] We do not believe a rush to quick-fix legislation is likely to produce real public safety solutions, while it holds the clear potential to hurt good-paying manufacturing jobs in our state.”

NSSF and member companies based in Connecticut and western Massachusetts have been working for several weeks to help educate legislators, the media and the public not only about the economic impact of the firearms industry in the Constitution State, but also what measures are most effective at keeping firearms out of the hands of criminals and unauthorized individuals. To that end, NSSF President Steve Sanetti authored an op-ed in The Hartford Courant, entitled “Focus on Gun Access, Not Gun Ban”.

Connecticut has a long tradition of arms-making. In 1848, on a site overlooking the Connecticut River in Hartford, Samuel Colt built the Colt’s Patent Firearms Manufacturing Company factory. A larger factory, called the Colt Armory, was added in 1855. The 1850s were a decade of phenomenal success for Colt’s Connecticut-based enterprise.

Colt’s Mfg. was the first to widely commercialize the total use of interchangeable parts throughout a product. A leader in assembly line practice, the company was a major innovator and training ground in manufacturing technology. Colt’s armories in Hartford trained several generations of toolmakers and machinists, who had great influence in American manufacturing. Prominent examples included F. Pratt and A. Whitney, and Henry Leland (who would end up at Cadillac and Lincoln).

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February 2nd, 2013

Green Beret Petition Calls for Wisdom in National Gun Debate

More than 1,100 current and retired U.S. Army Special Forces soldiers have signed a petition that advocates a rational, reasoned response to the events in Newtown, Connecticut. The Green Beret Petition cautions against “knee-jerk” legislation which would threaten the Second Amendment rights of American citizens. The Petition asks national leaders to recognize that the causative factors involved in mass shootings are complex. Hence banning certain types of firearms may not “solve the problem” at all.

The Petition makes important fact-based arguments. For example, the petition points out that sweeping gun bans adopted in the United Kingdom did not reduce overall gun-related crime — in fact UK gun violence increased after the gun bans. By contrast, gun violence has actually dropped in the USA despite a growth in gun ownership: “Overall, gun-related crime [in the UK] had increased 65% since the Dunblane massacre and implementation of the toughest gun control laws in the developed world. In contrast, in 2009 (5 years after the Federal Assault Weapons Ban expired) total firearm related homicides in the U.S. declined by 9% from the 2005 high.”

READ Full Petition (PDF file):
Protecting the Second Amendment — Why all Americans Should Be Concerned

The Green Beret Petition cautions that many current anti-gun legislative proposals may have no practical effect: “[I]f stricter gun control laws are not likely to reduce gun-related crime, why are we having this debate? Other than making us and our elected representatives feel better because we think that we are doing something to protect our children, these actions will have no effect and will only provide us with a false sense of security.”

Noting that reactionary gun ban legislation will not solve a complex problem, the Green Beret Petition suggests that national leaders must look more carefully at many factors:

Green Beret Petition Recommendations

So, what do we believe will be effective? First, it is important that we recognize that this is not a gun control problem; it is a complex sociological problem. No single course of action will solve the problem. Therefore, it is our recommendation that a series of diverse steps be undertaken, the implementation of which will require patience and diligence to realize an effect. These are as follows:

1. First and foremost we support our Second Amendment right in that “A well-regulated militia being necessary to the security of a free state, the right of the people to keep and bear arms shall not be infringed”.

2. We support State and Local School Boards in their efforts to establish security protocols in whatever manner and form that they deem necessary and adequate. One of the great strengths of our Republic is that State and Local governments can be creative in solving problems. Things that work can be shared. Our point is that no one knows what will work and there is no one single solution, so let‟s allow the State and Local governments with the input of the citizens to make the decisions. Most recently the Cleburne Independent School District will become the first district in North Texas to consider allowing some teachers to carry concealed guns. We do not opine as to the appropriateness of this decision, but we do support their right to make this decision for themselves.

3. We recommend that Assisted Outpatient Treatment (AOT) laws be passed in every State. AOT is formerly known as Involuntary Outpatient Commitment (IOC) and allows the courts to order certain individuals with mental disorders to comply with treatment while living in the community. In each of the mass shooting incidents the perpetrator was mentally unstable. We also believe that people who have been adjudicated as incompetent should be simultaneously examined to determine whether they should be allowed the right to retain/purchase firearms.

4. We support the return of firearm safety programs to schools along the lines of the successful “Eddie the Eagle” program, which can be taught in schools by Peace Officers or other trained professionals.

5. Recent social psychology research clearly indicates that there is a direct relationship between gratuitously violent movies/video games and desensitization to real violence and increased aggressive behavior particularly in children and young adults (See Nicholas L. Carnagey, et al. 2007. “The effect of video game violence on physiological desensitization to real-life violence” and the references therein. Journal of Experimental Social Psychology 43:489-496). Therefore, we strongly recommend that gratuitous violence in movies and video games be discouraged. War and war-like behavior should not be glorified. Hollywood and video game producers are exploiting something they know nothing about. General Sherman famously said “War is Hell!” Leave war to the Professionals. War is not a game and should not be “sold” as entertainment to our children.

6. We support repeal of the Gun-Free School Zones Act of 1990. This may sound counter-intuitive, but it obviously isn‟t working. It is our opinion that “Gun-Free Zones” anywhere are too tempting of an environment for the mentally disturbed individual to inflict their brand of horror with little fear of interference. While governmental and non-governmental organizations, businesses, and individuals should be free to implement a Gun-Free Zone if they so choose, they should also assume Tort liability for that decision.

7. We believe that border states should take responsibility for implementation of border control laws to prevent illegal shipments of firearms and drugs. Drugs have been illegal in this country for a long, long time yet the Federal Government manages to seize only an estimated 10% of this contraband at our borders. Given this dismal performance record that is misguided and inept (“Fast and Furious”), we believe that border States will be far more competent at this mission.

8. This is our country, these are our rights. We believe that it is time that we take personal responsibility for our choices and actions rather than abdicate that responsibility to someone else under the illusion that we have done something that will make us all safer. We have a responsibility to stand by our principles and act in accordance with them. Our children are watching and they will follow the example we set.

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January 21st, 2013

Connecticut Law-Makers Propose Draconian Gun Control Laws

The NSSF has issued an alert regarding proposed legislation in Connecticut that would drastically restrict the rights of gun owners. Proposed measures include: mandatory registration of ALL firearms, confiscation of all magazines with capacity of 10+ rounds, registration of ammo purchases, ban on internet ammo purchases, and mandatory locked gun storage. Legislation proposed by Gov. Malloy, Sen. Beth Bye, and Rep. Bob Godfrey, would include the following restrictions:

  • An outright ban on ALL modern sporting rifles, classifying them as “Assault Weapons.”
  • Restricting lawful magazine capacity to 10 rounds.
  • Confiscating ALL magazines (including pistol mags) holding more than 10 rounds.
  • Statewide gun registration for ALL firearms.
  • Re-registration every two (2) years with rising fee schedule.
  • Permit requirement for any rifle with a pistol grip.
  • Registration of all ammunition purchases.
  • Limits on ammo quantities one can purchase and possess.
  • Ban on internet sales of ammo in Connecticut.
  • Mandatory locked gun storage requirements.

The NSSF states that: “There will only be a few opportunities for discussion and opposition as many in Hartford are trying to pass legislation as quickly as possible. The first hearing (and may be the only time to testify) will occur next Monday, Jan. 28, at 10 a.m. at the Legislative Office Building.”

NSSF is urging all gun owners, sportsmen and hunters to attend Monday’s public hearing to be held in the Legislative Office Building in Room 2C at 10 a.m. and to contact their state representative, senator and all members of the Committee immediately.

CLICK HERE to find Your Elected Officials. | CLICK HERE for Full NSSF Action Alert.

Other important gun-related legislation under consideration in Connecticut:

HB 5268, SB140: Requires firearm owners to maintain liability insurance. Establishes a 50% tax on the sale of ammunition. Requires all ammunition to be purchased in person.

SB 122: Makes it a class C felony offense for any person or organization to purchase, sell, donate, transport, possess, or use any gun except one made to fire a single round.

SB 124: Prohibits the possession of magazines that accept more than ten rounds.

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