Remington Arms, formerly owned by Remington Outdoor Company, managed to survive the bankruptcy filing in 2018, but it filled it again in 2020. And currently, it is struggling to survive. So, does this mean that it’s the end of the company? Is Remington Arms going out of business 2024?
Remington Arms has its roots ingrained in Ilion, New York, since 1816. It is the nation’s oldest gun manufacturing company. RemArms, which was formerly owned by Remington Outdoor Company, divided the company into two parts.
The firearms manufacturer, Remington Arms, which is owned by RemArms LLC, and Remington Ammunition, which is an ammunition business, is owned by Vista Outdoor Inc.
However, recent headlines have worried its fans and the 270 workers working in the company. Find out whether this 207-year-old company is really going out of business or is just another rumor.
Is Remington Arms Going Out Of Business 2024?
This is sad news for all the fans of Remington Arms but yes, a 207-year-old company is going out of business in the Illion, New York.
It first filed for bankruptcy in the year 2018 and then again in 2020. According to the U.S. Bankruptcy filing Court in the Northern District Of Alabama, Remington Arms listed assets worth $100 million to $500 million.
Moreover, the investors doing business as Rounhill Group purchased Remington Arms, including its operations in Illion and Lenoir City, Tennesse, for $13 million. They announced their plans to move the company’s headquarters in 2021.
So, Remington Arms will close its oldest plant and relocate to Georgia after 207 years of operation.
According to the reports, the company’s press team confirmed that RemArms is excited to expand to Georgia. It is a state that not only welcomes businesses but also supports and welcomes companies in the firearms industry.
Recently, the company has been facing some difficulties to, which it has officially decided to close its operation in New York.
The company has informed the Union officials about the closure to which the Observer-Dispatcher reported that they are writing to inform that RemArms LLC has decided to close its entire operation in 14 Hoefler Avenue, Ilion, New York, 13357 on 4 March 2024.
However, the concerning part is for the 270 workers working in the company, and the layoffs are expected to happen between March 8 and March 14.
Furthermore, The United Mine Workers Of America International President Cecil Roberts reacted to the news of the closure. He said that the company should reconsider and explore alternative solutions to keep the plant functioning.
Robert further stated that this decision is like a slap on the face of all the workers, especially in the closeness of the holidays. He is extremely disappointed with the decision.
What Is The Reason Remington Arms Is Shutting Down?
The company was already facing financial difficulties as it filed for bankruptcy in 2018 and then again in 2020. However, as if this was not enough for the downfall, a lawsuit was also filed against the company after the Sandy Hook case.
RemArms used to make Bushmark AR-15 rifle, which was used in the Sandy Hook School massacre. He killed 20 first graders and 6 educators in Connecticut in 2012.
As a result, the families of the victims filed a lawsuit against the company for manufacturing and selling assault rifles to civilians, leveraging its profits over public safety.
As a result, RemArms reached a historic settlement with the families of the Sandy Hook case for $73 million.
This lawsuit was the first time a gun manufacturing company was held responsible for a mass shooting.
Who Owns Remington Arms?
The Remington Company was started in 1816 and was owned by Remington Outdoor Company, which broke it into two parts.
In 2007, a private equity firm, Cerberus Capital Management, acquired the company for $370 million, which also included the assumed $252 million debt of Remington.
However, after Remington emerged from bankruptcy in 2018, Cerberus lost the ownership of the company to a group of Remington creditors.
And amid the 2020 bankruptcy, the company sold its business in parts, which is now owned by different companies, including
- JJE Capital Holding
- Sierra Bullets and
- Franklin Armoney
Vista Outdoor owns Remington’s ammunition plant in Arkansas and the company’s name and its trademark. Vista also owns the largest portion of Remington for $81 million.
Whereas Roundhill Group acquired the Remington plant in Illion, New York, which is the oldest plant of Remington. It also acquired a steam power facility and its museum for $13 million.
What Are The Products Manufactured By Remington?
Here is a list of products that are manufactured by the company:
|Bolt Action Rifles
|Model 511 Scoremaster
|M1903 Springfield rifle
|M1917 Enfield rifle
|Model 121 Fieldmaster
|Remington Model 12
|Model 572 Fieldmaster
|Remington Model Six
|Remington Rolling Block Rifle Family
|Remington Naval Model 1865 Pistol
|Adaptive Combat Rifle
|Model 11 (Browning Auto-5)
|Model 11-96 – “Euro Lightweight”
|Model 878 – “878 Automaster”
|SPR 453 – “Spartan 453”
Remington Arms, a company that started in 1816, has created a ruckus among its fans. The company has been in the business for 207 years. It is America’s oldest and largest gun manufacturing company.
However, amid its headlines of frequent bankruptcy filings and lawsuits, ‘Is Remington Arms Going Out Of Business 2024?’ became an important question for its workers.
Who bought Remington Arms?
Remington Arms was bought out of bankruptcy in 2020 by a company named Roundhill Group LLC. It now operates the Remington Srms through a holding company, RemArms. Rounhill Group bought the Remington Arms Illion and Tennesse properties along with its shotgun, long gun, and pistol businesses.
Where is Remington ammo factory located?
The Remington Ammunition Factory is located in Arkansas. It was acquired by Vista Outdoors, a giant in the shooting industry.
Who started Remington Arms?
Remington Arms was started by Eliphalet Remington. He believed that he could make better guns than he could buy.