Remington SOLD

[Johnch]

I have been hereing rumers
Now it is done , sold to a investment group
$370 Millon in cash & debt assupmtion

I read they are $ 250+ millon in debt

http://www.wktv.com/news/local/6883912.html

I can only hope they up the quality

Johnch

[Scrounger]

Johnch, the reason we're so poor is that we don't have enough debt. And I'm only half kidding. It is common for businesses to do all their buying on credit. At some point they're into the bank so far the bank can't cut them off without losing what it's already invested. So the owner milks it as much as he can, then has a big Cost or Less Sale, pays the money to himself and employees who often are family, then locks the door and tells the bank where to go. I watched 2 or 3 gunshops do this while I was in California. It is now considered the height of stupidity to invest your own money in a new business.

[Johnch]

A better place to read what happened to Remington

http://www.bloomberg.com/apps/news?pid=20601103&sid=aNCow6kFlgig&refer=news

Johnch

[ktw]

A better place to read what happened to Remington

http://www.bloomberg.com/apps/news?pid=20601103&sid=aNCow6kFlgig&refer=news

Johnch

Cerberus must have more money than God.

They bought a half dozen paper mills and a million acres of land from Mead-Westvaco couple of years ago. I recently saw a news article where they are one of the leading bidders for Chrysler. They are currently involved in a $1 Billion buyout of Tower Automotive. And they bought Remington.


-ktw

[tommag]

Damn shame. What they will probably do is have everything built in China, trade off the Remington name till they exhaust the customers and file BK. It will leave us yearning for the good old days of the J-Lock actions.

[Lee]

I'm not surprised. It's called "big business". It's called "greed". And we ourselves are the ones to blame for pro-creating these Godless, selfcentered, egotistical, narcisstic, soulless, ................never mind, if I keep going I'll be banned for sure........Lee:wink:

[encoreman]

Hey Lee is the word you were thinking about ryhme with "casters"?? It is a shame indeed, more than enough reasons to get your grandkids their guns now before they are all made in China!! Darned shame!!

[Bass Ackward]

Well, the one thing you can be sure of, these guys do not intend to lose money on this deal. They are keeping the same management for now, so what is going to make them smarter today than last week? Quality improvements are going to have to come from higher prices, less options, and fewer caliber choices with the Lefty lines taking a BIG hit.

[Baron von Trollwhack]

Savage is American and doing quite nicely, eh?

[PatMarlin]

There's so much big money around they could buy up any gun manufacturer, and not even like em'. I hope they are pro gun.. :roll:

[joeb33050]

Remington was once owned by folks called "Remington", then others, years later it was owned by DuPont-nyet? All companies are owned by somebody, it ain't necessarily a bad thing when ownership changes. If big mone guys = private equity firm bought Remington, then they think that they can turn it into a more profitable = more valuable entity. Maybe put some $ in. This don't have to be bad, may well be good.
joe brennan I have a lot of money, keep it in a jar in the kitchen

[KCSO]

Hey we knew where this was going when REMINGTON started selling Zastava guns. I see this as the Remington BANGOR PUNTA era. Maybe after the next bankrupcy they will go back to gun people again.

[hydraulic]

Yeah, big business and greedy businessmen are just terrible. They had a much better system in Russia, a few years back. Wonder why it didn't work.

[Jack Stanley]

It will be sorry to see the lefties taking the hit . I'm real glad I got my .308 early on ...... kept waiting for a .223 , wasn't real interested in a 22-250 . I hate to think what the prices will be for the used stuff now if what happened at Winchester is any clue .

Jack