Posted March 26, 2018 3:10 pm by Comments

By John Crump

Remington Outdoor Company
Remington Outdoors Files for Chapter 11 Bankruptcy Protection

U.S.A.-(Ammoland.com)- Remington, the nation’s oldest gun manufacturer, has filed for Chapter 11 bankruptcy in the state Delaware. Remington started making hand-built flintlock rifles in 1816 in Ilion Gorge, New York. Remington is now head quartered in Madison, North Carolina.

Unlike other bankruptcies such as the Toy ‘R Us bankruptcy, Remington will stay in business without a noticeable change. This bankruptcy is not unlike the bankruptcy that Colt went through in 2015.

Executive Chairman of Remington, Jim Geisler, commented in a press release, “Since its founding over 200 years ago, Remington has been a uniquely American company and brand. Our longevity is owed to generations of loyal customers and hard-working employees who met challenges and delivered results. Difficult industry conditions make today’s agreement prudent. I am confident this regrouping ensures that Remington will continue as both a strong company and an indelible part of our national heritage.”

During the bankruptcy proceedings, the company’s manufacturing will not be interrupted. The bankruptcy will not affect payments to trade partners, employee wages and other benefits, and support for the customer base.

In the same press release, Anthony Acitelli, Remington’s Chief Executive Officer, stated, “Importantly, the fundamentals of our …Read the Rest

Source:: AmmoLand

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