Remington Auctioned Off to Seven Bidders in Bankruptcy Court
(Bloomberg) -- Remington Outdoor Co., the 200-year-old gun maker that filed for bankruptcy again in July, has been auctioned off in court.Seven bidders will each purchase a portion of the company’s businesses, according to a filing in the northern district of Alabama.The development caps a hunt...
(Bloomberg) -- Remington Outdoor Co., the 200-year-old gun maker that filed for bankruptcy again in July, has been auctioned off in court.
Seven bidders will each purchase a portion of the company's businesses, according to a filing in the northern district of Alabama.
The development caps a hunt for buyers to bring in funds to pay off creditors. Cerberus Capital Management had acquired Remington in 2007, and the firearms and ammunition giant accumulated nearly $1 billion in debt.
The company said previously that it had $437.5 million in sales last year, about half the business it did in 2016.
Here are the details on the successful bidders and the Remington businesses they are buying:
- Vista Outdoor Inc. for its Lonoke ammunitions business and certain IP assets
- Roundhill Group LLC for its non-Marlin firearms business
- Sierra Bullets LLC for its Barnes ammunitions business
- Sturm, Ruger, & Co. for its Marlin firearms business
- JJE Capital Holdings LLC for DPMS, H&R, Stormlake, AAC and Parker brands
- Franklin Armory Holdings Inc. for Bushmaster brand and some related assets
- Sportsman's Warehouse Inc. for Tapco brands
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