Rumours of troubles at Remington were confirmed on Feb. 12 when the outdoor giant reached an agreement with its creditors allowing it to file for Chapter 11 bankruptcy protection. Remington Outdoor Company, Inc. is one of America’s oldest gun manufacturers. The company currently produces guns and ammunition under the Remington name, manufactures Marlin Firearms, and is also the owner of Barnes Bullets.
A press release issued on Feb. 12 outlined the terms of the agreement and financing details. The company reached a restructuring agreement with its creditors in regards to $700 million U.S. of debt and $145 million U.S. of new capital. The good news is consumers shouldn’t see any difference in Remington products on the shelf.
“Remington’s business operations will continue to operate in the normal course and will not be disrupted by the restructuring process,” a company press release stated. “Payments to trade partners, employee wages, and other benefits, support for customers, and an ongoing high level of service to consumers will continue without interruption.”
Gravel Agency Inc., Remington’s Canadian distributor, didn’t have any comments on the Remington announcement, but forwarded a copy of a press release, which stated, “Normal operations will continue during the restructuring period."
Remington's bankruptcy is in the wake of a tough year for the firearms industry in which sales slipped substantially across the country.
Originally published in the April 2018 issue of Ontario Out of Doors
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