Remington Arms has filed for bankruptcy…again
On July 28, 2020, the Remington Arms Co. filed for Chapter 11 bankruptcy protection in an Alabama federal court. Seeking to restructure amid legal and financial hardships, this is the second time since 2018 that Remington has filed for bankruptcy.
At 204 years old, Remington bills itself as America's oldest gun maker and claims to be America's oldest factory that still makes its original product. Remington has also developed and adopted more cartridges than any other firearm or ammunition manufacturer in the world.
During its long history, Remington has churned out classic sporting shotguns like the Model 31 slide-action, Model 1100 autoloading and the Model 3200 over/under. Remington rifles have also been the favorites of familiar names like George Armstrong Custer, Buffalo Bill and even Annie Oakley.
Remington has also had a long history of manufacturing military weapons under contract. In addition to the famous M1903 and Rolling Block rifles, Model 10 trench shotguns and 1911 pistols, Remington was contracted in WWI to make .303 British Pattern 14 rifles for England and Mosin-Nagant rifles for Russia. For the United States, Remington also made modified U.S. Model 1903 rifles with Pedersen devices.
A soldier takes aim with an M1903 Mark I fitted with a Pedersen device (U.S. Army Ordnance Department)
During WWII, Remington continued to manufacture the M1903 rifle, including the 1903A4 sniper rifle variant, the first mass-produced sniper rifle manufactured in the United States. The company also produced nearly 3 million rounds of .30 and .50 caliber ammunition.
In more recent years, Remington has continued to supply the U.S. military with firearms like the Model 870 shotgun, Model 700/M24 rifle, MSR, and even the first batch of M4A1 carbines.
A U.S. Navy SEAL with a Remington 870 during a training exercise in the early 1990s (U.S. Navy)
In March 2018, Remington filed for Chapter 11 bankruptcy protection, having accumulated over 0 million of debt. In May of that same year, Remington was able to exit bankruptcy thanks to a pre-approved restructuring plan that was supported by 97% of its creditors.
In 2019, the Supreme Court denied Remington's bid to block a lawsuit filed by the families of victims of the Sandy Hook massacre. The families filed a wrongful death lawsuit against Remington as the manufacturer and marketer of the Bushmaster AR-15 rifle used in the shooting.
In June 2020, the FBI reported that it conducted 3.9 million firearms background checks, eclipsing the previous March record of 3.7 million. Despite a surge in firearms sales across the nation, Remington has found itself in financial hardship. According to its bankruptcy filing, the company owes its two largest creditors, St. Marks Powder and Eco-Bat Indiana, a combined total of .5 million. The filing also listed the states of Alabama, Arkansas and Missouri, as well as the city of Huntsville, as creditors with undetermined claims since the company took development incentives in each jurisdiction.
As the company tries to find a buyer to keep it alive, its future remains uncertain. Whatever its fate, the Remington name will continue to stand as one of America's most iconic and prolific manufacturers of firearms.