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Remington Outdoor Company

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Remington Outdoor Company, Inc.
FormerlyFreedom Group
Company typePrivate
IndustryFirearms, Defense
Founded2007; 17 years ago (2007)
DefunctSeptember 2020; 4 years ago (2020-09)
FateBroken up following Chapter 11 bankruptcy
Headquarters
Madison, North Carolina
,
United States
Area served
Worldwide
ProductsPistols, Rifles, Carbines, Shotguns, Ammunitions, Clothing
BrandsRemington
Barnes Bullets
Bushmaster
DPMS
Advanced Armament
Marlin Firearms
H & R Firearms
Para USA
The Parker Gun
Dakota Arms
Tapco
Storm Lake Barrels
RevenueIncrease US$ 865.1 million [1] (2016)
Increase US$ 18.9 million[1] (2016)
OwnerCerberus Capital Management
Number of employees
>3,000
Websitewww.remingtonoutdoorcompany.com

Remington Outdoor Company (ROC) was an American firearms manufacturer and holding company. The company had notable brands under its umbrella, such as Bushmaster, DPMS, Remington and Marlin.[2]

History

Robert Nardelli became CEO of Freedom Group in September 2010 as the North Carolina-based gun maker searched for a permanent CEO. In March 2012, Nardelli stepped down as CEO of Freedom Group and head of the operations and advisory business of Cerberus Capital Management and became adviser to Stephen Feinberg, the head and founder of Cerberus.

In December 2012, citing the Sandy Hook Elementary School shooting as "a watershed event that has raised the national debate on gun control to an unprecedented level," Cerberus announced it would sell all of its investments in Freedom Group. The firm said it would retain a financial adviser to sell its interests in Freedom, and would return the proceeds to investors.[3][4] The decision was made after a California pension board, a Cerberus stakeholder, announced it would dispose of all stakes it held in firearms manufacturers that make weapons banned by state law. As of February 2018, Cerberus still owned the company.

On August 15, 2017, James Marcotuli announced his resignation as CEO, citing personal reasons.[5] On October 25, the company announced that Anthony Acitelli would succeed Marcotuli.[6]

The families of nine victims and a teacher who was shot and survived in the Sandy Hook shooting, in which 20 children and six adult staff were fatally shot, filed a wrongful death lawsuit against Remington, a firearms wholesaler, and a firearms dealer, seeking a jury trial to recover unspecified damages. In 2016 the suit was dismissed by the Connecticut Superior Court citing the immunity provided to firearms manufacturers by the federal Protection of Lawful Commerce in Arms Act of 2005. The suit was delayed by Remington's 2018 bankruptcy. On March 14, 2019 the Connecticut Supreme Court ruled that the suit's wrongful marketing claim could proceed under Connecticut's Unfair Trade Practices Law. The Connecticut Supreme Court decision was "a significant development in the long-running battle between gun control advocates and the gun lobby" according to The New York Times and "groundbreaking" according to The Washington Post.[7][8][9][10][11][12][13][14]

Remington filed for Chapter 11 bankruptcy protection in March 2018, having accumulated over $950 million in debt. Remington exited bankruptcy in May, less than two months after filing for protection under Ch. 11 laws. Remington's quick exit from bankruptcy was due to a pre-approved restructuring plan that was supported by 97% of its creditors. On 28 July 2020, it filed again for Chapter 11 bankruptcy protection.[15]

In the bankruptcy auction in September 2020 Remington was sold in parts to: [16]

References

  1. ^ a b "Annual Report" (PDF) (Press release). 2016-12-31. Archived (PDF) from the original on 2017-12-07. Retrieved 2017-12-07.
  2. ^ "Remington Outdoor Company Announces Management Changes". Business Week. New York: Bloomberg. June 9, 2015.
  3. ^ Cerebus Capitol Management. "Cerberus Capital Management Statement Regarding Freedom Group, Inc" (Press release). PRNewswire. Retrieved 18 December 2012.
  4. ^ Nagourney, Adam (December 18, 2012). "Broad Gun Control Efforts Introduced in Wake of Shooting". The New York Times. Retrieved December 19, 2012.
  5. ^ "ROC CEO and Director Changes" (PDF) (Press release). Archived (PDF) from the original on 2017-12-07. Retrieved 2017-12-07.
  6. ^ "ROC CEO Appointment" (PDF) (Press release). 2017-10-25. Archived (PDF) from the original on 2017-12-07. Retrieved 2017-12-07.
  7. ^ Rojas, Rick; Hussey, Kristin (November 12, 2017). "Appeal Offers Hope for Newtown Families in Suit Against Gun Companies". The New York Times. p. A1. Retrieved March 20, 2019.
  8. ^ Hussey, Kristin; Rojas, Rick (April 1, 2018). "Remington's Bankruptcy Stalls Ruling in Sandy Hook Families' Suit". The New York Times. p. A20. Retrieved March 15, 2019.
  9. ^ Rojas, Rick; Hussey, Kristin (March 14, 2017). "Sandy Hook Massacre: Gun Makers Lose Major Ruling Over Liability". The New York Times. p. A1. Retrieved March 20, 2019.
  10. ^ Barbash, Fred (March 14, 2019). "Families of Sandy Hook shooting victims can sue gunmaker Remington over 2012 attack, court says". The Washington Post. Retrieved March 20, 2019.
  11. ^ Collin, Dave (March 14, 2019). "Gunmaker Remington can be sued over marketing of rifle used in Sandy Hook shooting, court rules". USA Today. Associated Press. Retrieved March 20, 2019.
  12. ^ Gershman, Jacob (March 14, 2019). "Manufacturer of AR-15 Can Be Sued Over Sandy Hook Massacre, Court Rules". The Wall Street Journal. Retrieved March 20, 2019.
  13. ^ "US court: Sandy Hook victims' families can sue Remington". BBC. March 14, 2019. Retrieved March 20, 2019.
  14. ^ Lindsay, Ryan (March 14, 2019). "Lawsuit By Sandy Hook Victims Against Gun Manufacturer Allowed To Move Forward". NPR. Retrieved March 20, 2019.
  15. ^ "One of America's Oldest Gun Makers Files for Bankruptcy for 2nd Time". The New York Times. 2020-07-28. Retrieved 2020-07-28.
  16. ^ "Remington Auctioned Off to Seven Bidders in Bankruptcy Court". 2020-09-28. Retrieved 2020-09-28.

Further reading

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