Remington Outdoor Company, Inc.
FormerlyFreedom Group
TypePrivate
IndustryFirearms, Defense
Founded2007 (2007)
DefunctSeptember 2020 (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), formerly known as the Freedom Group, 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

On August 15, 2017, James Marcotuli announced his resignation as CEO, citing personal reasons.[3] On October 25, the company announced that Anthony Acitelli would succeed Marcotuli.[4]

The families of nine victims of, and a teacher who was shot and survived, the Sandy Hook Elementary School 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 bankruptcy in 2018. 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.[5][6][7][8][9][10][11][12]

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 again filed for Chapter 11 bankruptcy protection.[13]

In the bankruptcy auction in September 2020, Remington was sold in parts to:[14]

References

  1. 1 2 "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. Archived from the original on September 30, 2012.
  3. ↑ "ROC CEO and Director Changes" (PDF) (Press release). Archived (PDF) from the original on 2017-12-07. Retrieved 2017-12-07.
  4. ↑ "ROC CEO Appointment" (PDF) (Press release). 2017-10-25. Archived (PDF) from the original on 2017-12-07. Retrieved 2017-12-07.
  5. ↑ 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.
  6. ↑ 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.
  7. ↑ 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.
  8. ↑ 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.
  9. ↑ 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.
  10. ↑ 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.
  11. ↑ "US court: Sandy Hook victims' families can sue Remington". BBC. March 14, 2019. Retrieved March 20, 2019.
  12. ↑ Lindsay, Ryan (March 14, 2019). "Lawsuit By Sandy Hook Victims Against Gun Manufacturer Allowed To Move Forward". NPR. Retrieved March 20, 2019.
  13. ↑ "One of America's Oldest Gun Makers Files for Bankruptcy for 2nd Time". The New York Times. 2020-07-28. Retrieved 2020-07-28.
  14. ↑ "Remington Auctioned Off to Seven Bidders in Bankruptcy Court". 2020-09-28. Retrieved 2020-09-28.

Further reading

This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.