Remington is one of the oldest firearm manufacturers in the United States. It’s a venerable name that is known throughout the gun world. Hell, even non-gun people know the name “Remington.”
However, the company has fallen on hard times recently. Now, as a result of those hard times, it looks like the company is being broken up and sold off piecemeal.
Gun maker Remington Outdoor will be broken up and sold after a multiday bankruptcy auction, in which seven different buyers won the bidding for parcels of the company’s weapons and ammunition holdings.
Sales of Remington’s ammunition and weapons manufacturing business, the Remington brand and others will bring in at least $155 million to be applied against the company’s debts.
Lawyers for Remington haven’t responded to requests to comment on the auction results, which were partially revealed Sunday in court filings.
Judge Clifton R. Jessup Jr. has scheduled a Tuesday hearing in U.S. Bankruptcy Court in Decatur, Ala., to consider approval of the auction results.
The auction is the culmination of Remington’s second bankruptcy of recent years. The Huntsville, Ala., company filed for chapter 11 bankruptcy protection in late July, saying it didn’t have the cash to make weapons to satisfy demand for its products.
It appears that Vista Outdoors will get the ammunition business, which will put it with Speer, CCI, Blazer, and American Eagle ammunition. Right now, ammo appears to be a very lucrative business, to say the least.
Meanwhile the firearm manufacturing was apparently purchased in part by Sturm Ruger & Co. The rest of the manufacturing was purchase by Round Hill Group LLC, who doesn’t seem to have any previous presence in the firearm industry.
So, what does this all mean for gun buyers?
Honestly, it probably doesn’t mean all that much. For now, guns will still be made and sold just like they have been. Fewer individual companies is problematic since it ultimately reduces competition which can ultimately lead to higher prices, but that’s not likely to be a factor for some time.
In the meantime, someone is going to have to deal with the lawsuit against Remington regarding the bogus attempt to blame the company for the Sandy Hook shooting. Even if they’re victorious–and they should be–it’ll still be a costly road, which probably didn’t help efforts to keep the company together.
The important thing, though, is that the company still exists and will continue providing both firearms and ammunition for the foreseeable future. Lord only knows, we need all the ammo manufacturers we can get. The last thing we need is even less ammo being made to fill the void we’ve seen over the last few weeks/months.
Then again, the same is true about firearm manufacturers. After all, there are a lot of empty spaces on a lot of gun dealers’ shelves right about now, so there’s plenty of room for everyone to make and sell firearms. We need all our manufacturers, right about now, and that includes Remington. Luckily, they’ll still be around for a little while.