Remington, officially known as Remington Outdoor Company, survived its 2018 bankruptcy filing. Filing for bankruptcy again in 2020 took the company down. Is Remington’s downfall the end of its guns? You will still be able to purchase Remington guns and other products under its various brands, except that they won't be from the same company that has made them for years.
Remington made shotguns, rifles, and ammunition under several brands. Besides the namesake Remington guns, the company also produced guns, gun parts, and ammunition under brands like Marlin, Bushmaster, and Bushmaster.
Why is Remington Arms going out of business?
Remington is auctioning its assets and going out of business because it needs to raise money to pay its creditors. Many people think that the company's downfall has more to do with management problems than issues in the firearm business. Remington faces a lawsuit over its products being used in the Sandy Hook shooting. The company has accumulated hundreds of millions of dollars in debt.
Who owns Remington Outdoor Company?
Private equity firm Cerberus Capital Management acquired Remington in 2007. It paid $370 million for the deal, which included assuming $252 million in Remington debt. After Remington emerged from its 2018 bankruptcy, Cerberus lost control of the business to a group of Remington creditors. The creditors included a unit of JPMorgan Chase.
Remington has sold its businesses in parts amid the 2020 bankruptcy. Therefore, the Remington brand and assets will now be owned by different companies including Ruger, Vista, Roundhill Group, Sierra Bullets, JJE Capital Holdings, and Franklin Armory. These buyers will continue to make Remington guns.
When was Remington founded?
Remington was founded in 1816 by Eliphalet Remington. At some point, the company went by the name E. Remington and Sons. Before its downfall under the weight of ballooning debt, Remington was America’s oldest and largest gun maker. Remington’s products include rifles, shotguns, and ammunition. The company operates multiple brands.
Does Remington own Marlin?
Remington bought Marlin in 2007. The company saw robust ammunition sales in 2009 following the Marlin acquisition. Concerns about taxes on firearms and ammunition under the Obama administration drove the demand.
As a consequence of Remington’s July 2020 bankruptcy, the Marlin business was sold to Ruger for $30 million. Ruger CEO Chris Killoy said that they will maintain the Marlin brand and products. However, Ruger will relocate Marlin products manufacturing to its own facilities from Remington factories.
Ruger is a publicly traded company whose stock is listed on the NYSE under “RGR” ticker symbol. Does Remington have stock? No, Remington is a private company, so its stock isn’t listed on either the NYSE or Nasdaq exchange.