Remington Reportedly Headed to Bankruptcy :: Guns.com
Remington, America’s oldest arms company, is reportedly on the verge of bankruptcy and is in talks with the Navajo Nation about the future beyond Chapter 11.
The gunmaker, which operates in multiple states alongside its flagship factory in Ilion, New York, could file for bankruptcy protection from creditors in a matter of days, the Wall Street Journal reported last week. A preferred buyer for the company could be the 350,000-member Navajo Nation.
As a sovereign nation under the Navajo Sovereign Immunity Act, the tribe is largely isolated from personal injury filing in the nation’s own courts, a factor that could aid Remington with ongoing civil filings.
The Navajo Nation reportedly offered Remington between $ 475 million and $ 525 million in cash in 2018 immediately after the restructuring, a deal that was turned down at the time. The Navajo Times reported this week that the National Council currently has legislation in place to authorize a $ 300 million investment in an undisclosed company.
Big Green was founded by Eliphalet Remington in 1816 and now has factories in several states and a corporate headquarters in North Carolina. While the company has been expanding its operations in a new mega-factory in Huntsville, Alabama since 2014, it also has offices in Southaven, Mississippi and Sturgis, South Dakota.
In particular, the New York plant had to close earlier this year on the orders of Governor Andrew Cuomo due to COVID-19 restrictions.
In the past few months, the company has shut down older modern sporting rifle lines such as Bushmaster and DPMS, as well as the accessory brand TAPCO, flooding the secondary market with parts of these subsidiaries. The Navajo offering for 2018 saw a relaunched Remington that focused on rifles and shotguns aimed at hunters, as well as law enforcement and military contracts with a possible shift to delivering manufacturing orders to Navajo land.
According to ATF’s 2018 Annual Firearms Manufacturers and Export Report, the most recent publicly available data, Remington produced at least 273,246 rifles, 155,480 shotguns and 33,724 handguns that year.
SEE REMINGTONS IN STOCK