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June 26 (Reuters) - Remington Arms Co, America's oldest gun maker, is preparing to file for Chapter 11 bankruptcy protection that could come as early as Sunday night and is in advanced talks for a sale to the Navajo Nation, according to a source familiar with the matter.

The Native American tribe is planning to vote to approve the deal as soon as Friday, the source said. The tribe previously had bid for Remington, planning to drop its most controversial semi-automatic rifles, the New York Times has reported.

U.S. retailers have placed restrictions on gun sales after school shootings, hurting manufacturers such as Remington. A Remington Bushmaster rifle was used in the Sandy Hook elementary school shooting in Connecticut in 2012 that killed 20 children and six adults, making it central to debates over gun policy.

The gunmaker has filed for bankruptcy before, in March 2018 after sales faltered and the company had trouble meeting requirements of its lenders.

Remington emerged from bankruptcy the same year, owned by its former creditors, including Franklin Templeton Investments and JPMorgan Asset Management.

The sources cautioned that the timing of the bankruptcy filing could slip, and that the deal with the Navajo Nation, the largest Native American reservation in the United States, may not come to fruition.

The sale to the tribe would occur through a court-supervised process, the source said, subject to higher and better offers and approval from a judge.

The Wall Street Journal first reported the company's plan to file for bankruptcy and sell to the Navajo Nation.

Remington and a representative for the Navajo Nation did not immediately respond to requests for comment.

The Navajo Nation made a bid in 2018 for Remington, planning to use an investment trust to fund a purchase that would transform the company by dropping assault-style weapons and focusing instead on hunting firearms for consumers, sales to law enforcement and smart gun technology, the New York Times has reported.

(emphasis, mine)
 

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Disgusting
 
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Remington has been **** for a while now...Cerberus Capital Management is basically George Soros in disguise...that company’s end game is to bankrupt all gun companys
That rumor has been going around for 10 years. The only evidence I’ve ever seen has been from chain emails. If that boogeyman actually owned it, he would’ve shut it down years ago.
 

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They bought all the old gun company’s and for some reason and they not as good as they used to be...hhmmmm...so basically they have destroyed them...make them sh***y and nobody will buy them..rustington 870 is the perfect example..
 

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They bought all the old gun company’s and for some reason and they not as good as they used to be...hhmmmm...so basically they have destroyed them...make them sh***y and nobody will buy them..rustington 870 is the perfect example..
And that is proof Soros owns it, rather than poor management... Doubt a billionaire is interesting in losing money.

Not to mention all the other big American gun companies who’s QC went to crap, Smith & Wesson, Colt, etc.
 

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And that is proof Soros owns it, rather than poor management... Doubt a billionaire is interesting in losing money.

Not to mention all the other big American gun companies who’s QC went to crap, Smith & Wesson, Colt, etc.
Exactly. Never attribute to malice that which can be attributed to incompetence. All the Freedom Group companies are owned by a private equity firm, Cerberus. This is the same company that owned Chrysler at one time, and damn near drove it into the ground. All these private equity firms will come in, buy up companies, cut costs to the bone, and suck out every dime they can before either closing the company or selling it off. They did it with Chrysler, Sears, KMart, and tons of other companies. This isn't some Soros conspiracy. This is pure greed.
 

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June 26 (Reuters) - Remington Arms Co, America's oldest gun maker, is preparing to file for Chapter 11 bankruptcy protection that could come as early as Sunday night ...
That must be why I can't find a Tac-13 for less than 50% over MSRP. :mad:
 
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Remington has been **** for a while now...Cerberus Capital Management is basically George Soros in disguise...that company’s end game is to bankrupt all gun companys
And that is proof Soros owns it, rather than poor management... Doubt a billionaire is interesting in losing money.

Not to mention all the other big American gun companies who’s QC went to crap, Smith & Wesson, Colt, etc.
If George Soros was actually funding all stuff people say he is he would be one of the poorest people in the world instead of one of the richest.
 

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Of ALL the people that should understand and support the second amendment.... and WANT their people as well armed as a Government..... THEY should be at the top of the list. Wreaks of backdoor manipulation
 

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If George Soros was actually funding all stuff people say he is he would be one of the poorest people in the world instead of one of the richest.
Im not totally disagreeing with your comment on George because you’re possibly correct that he’s not into everything as we think he is,but for all the stuff he has done in the past you might want to put him close to the top of the suspect list, on all types of rebellion to our type of government and former way of life. I said former because I don’t see this ever going back to normal, since we are now doing away with all kinds of history, we might as well throw the word normal out too.
These groups are getting truck loads of money from somewhere.
The man probably makes millions a day in just interest so if it’s not him financing this mess then who?
 

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Well they finally did it. Chapter 11 filed today. I didn't know this thread was here, so I penned a new one, but some are saying it's a ploy to make people run buy more Remingtons before they are gone. Personally, I found Remington stopped being the most accurate out of the box rifle almost 20 years ago, if not before, and the shotguns sucked for awhile before that. I thought they made good ammo and primers well beyond that, but they have never made great decisions dating to before my time.
 
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