Remington, legendary US gunmaker, is in financial trouble. Such was the product, not of declining sales, but from poor management and some quality issues (and related lawsuits). It is so bad the company has filed for bankruptcy.
Not all is lost, however. They look to emerge soon and stronger than ever. I hope we can continue with decades more excellence. In the meantime the debts must be addressed. Remington is seeking cancellation of $775 Million in bad debt and leaving Chapter 11 proceedings by May. US banks, large and small, are lining up to provide emergency financing to ease operations along. Citi is not among them…
Picture by Remington.