Remington Declares Bankruptcy Again

[SnowLeopard]

The problem was that Remington, under the direction of the money managers at Freedom Group/Cerebus, was forced to do some cost saving and some parts of the trigger group involving the sear were changed from welded metal to glued plastic and it was the glue that was giving way and causing the inadvertent firings. The Remington engineers had been against it the change to plastic but had been overruled by Freedom Group management. Then FG compounded the problem by trying to eschew accountability and forcing Remington to disallow almost all claims against the faulty triggers. Once the claims reached class-action status they could no longer be ignored, but the damage had been done.

For what it's worth, Remington triggers are now all steel again.

The real coup de grace against Remington/Freedom Group was the purchase of Bushmaster AFTER the Lanza shooting of the elementary school in Connecticut. By that purchase, Freedom Group acquired all the liability of Bushmaster. Very sad.

 

[rookhawk]

It does amaze me how inept Remington is/was. They had no legal savvy in how they structured and held these brands. They could have made the less likely to be sued companies their sub-contractors for fabrications. The lawsuits can come, but then it’s a hydra and you can only kill a single head. They sell the TMs and start up anew.

bottom line, they put their eggs in One basket (entity) which is totally baffling.