Remington Outdoor Company

Last updated
Remington Outdoor Company, Inc.
FormerlyFreedom Group
Company type Private
Industry Firearms, Defense
Founded2007;17 years ago (2007)
DefunctSeptember 2020;3 years ago (2020-09)
FateBroken up following Chapter 11 bankruptcy
Headquarters,
Area served
Worldwide
Products Pistols, Rifles, Carbines, Shotguns, Ammunitions, Clothing
Brands Remington
Barnes Bullets
Bushmaster
DPMS
Advanced Armament
Marlin Firearms
H & R Firearms
Para USA
The Parker Gun
Dakota Arms
Tapco
Storm Lake Barrels
RevenueIncrease2.svg US$ 865.1 million [1]  (2016)
Increase2.svg US$ 18.9 million [1]  (2016)
Owner Cerberus Capital Management
Number of employees
>3,000
Website www.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]

Contents

History

In June 2007, a private equity firm, Cerberus Capital Management, acquired Remington Arms for $370 million, including $252 million in assumed debt. It became part of the company's Freedom Group. Remington was millions of dollars in debt and did not report a profit from 2003 to 2005. [3] In 2015, the Freedom Group was renamed Remington Outdoor Company.

In 2015, the families of nine victims of the 2012 Sandy Hook Elementary School shooting—in which 20 children and six adult staff were fatally shot—and a teacher who was shot and survived, 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.

On August 15, 2017, James Marcotuli announced his resignation as CEO, citing personal reasons. [4] On October 25, the company announced that Anthony Acitelli would succeed Marcotuli. [5]

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 Chapter 11 laws. Remington's quick exit from bankruptcy was due to a pre-approved restructuring plan that was supported by 97% of its creditors.

The Sandy Hook-related lawsuit was delayed by Remington's 2018 bankruptcy. 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 . [6] [7] [8] [9] [10] [11] [12] [13]

In July 2020, Remington again filed for Chapter 11 bankruptcy protection. [14] In a bankruptcy auction in September 2020, Remington was sold in parts to: [15]

In February 2022, families of the Sandy Hook victims reached a $73 million settlement with Remington, [lower-alpha 1] over how the firearm used by the shooter had been marketed. [16]

Notes

  1. As this settlement was reached following the breakup of Remington Outdoor Company, it's unclear which specific entity the settlement was reached with.

Related Research Articles

<span class="mw-page-title-main">Alex Jones</span> American radio host and conspiracy theorist (born 1974)

Alexander Emerick Jones is an American far-right, alt-right radio show host and prominent conspiracy theorist. He hosts The Alex Jones Show from Austin, Texas, which the Genesis Communications Network broadcasts across the United States via syndicated and internet radio. Jones's website, InfoWars, promotes conspiracy theories and fake news, as do his other websites, NewsWars and PrisonPlanet. Jones has provided a platform and support for white nationalists, giving Unite the Right rally attendee and white supremacist Nick Fuentes a platform on his website, Banned.Video, as well as giving an "entry point" to their ideology. In 2023, leaked texts from Jones's phone revealed that he created the website National File.

Remington Arms Company, LLC, was an American manufacturer of firearms and ammunition. It was formerly owned by the Remington Outdoor Company, which went bankrupt in 2020 with its lines of business sold to several purchasers. Two resulting companies each bear the Remington name—the firearms manufacturer is Remington Firearms owned by RemArms, LLC, and the ammunition business is Remington Ammunition owned by Vista Outdoor, Inc.

<span class="mw-page-title-main">Eliphalet Remington</span> American engineer (1793–1861)

Eliphalet Remington was an American engineer who founded what would become known as Remington Arms. Originally the company was known as E. Remington followed by E. Remington & Son and then E. Remington and Sons.

Sturm, Ruger & Company, Inc., better known by the shortened name Ruger, is an American firearm manufacturing company based in Southport, Connecticut, with production facilities also in Newport, New Hampshire; Mayodan, North Carolina; and Prescott, Arizona. The company was founded in 1949 by Alexander McCormick Sturm and William B. Ruger and has been publicly traded since 1969.

<span class="mw-page-title-main">Bushmaster XM-15</span> Brand of semi-automatic rifles and carbines based on the AR-15 platform

The Bushmaster XM-15 series is a line of AR-15 style semi-automatic rifles and carbines manufactured by Bushmaster Firearms International, LLC. Variants include the Bushmaster M4-type Carbine, Patrolman series, QRC series, Bushmaster XM15-E2S, and the Carbon 15 line.

Marlin Firearms is an American manufacturer of semi-automatic, lever-action and bolt-action rifles. In the past the company made shotguns, derringers, and revolvers. Marlin owned the firearm manufacturer H&R Firearms. In 2007, Remington Arms, part of the Remington Outdoor Company, acquired Marlin Firearms. Remington produced Marlin-brand firearms at its Kentucky and New York manufacturing facilities. In 2020, Sturm, Ruger & Co. bought the Marlin business from bankrupt Remington Outdoor Company.

<span class="mw-page-title-main">Protection of Lawful Commerce in Arms Act</span> 2005 U.S. law limiting criminal liability

The Protection of Lawful Commerce in Arms Act (PLCAA) is a U.S law, passed in 2005, that protects firearms manufacturers and dealers from being held liable when crimes have been committed with their products. Both arms manufacturers and dealers can still be held liable for damages resulting from defective products, breach of contract, criminal misconduct, and other actions for which they are directly responsible. However, they may be held liable for negligent entrustment if it is found that they had reason to believe a firearm was intended for use in a crime.

JA Industries is an American firearms manufacturer based in Henderson, Nevada.

<span class="mw-page-title-main">Cerberus Capital Management</span> U.S. investment management company

Cerberus Capital Management, L.P. is an American global alternative investment firm with assets across credit, private equity, and real estate strategies. The firm is based in New York City, and run by Steve Feinberg, who co-founded Cerberus in 1992, with William L. Richter, who serves as a senior managing director. The firm has affiliate and advisory offices in the United States, Europe and Asia.

<span class="mw-page-title-main">Bushmaster Firearms International</span> American firearms manufacturer

Bushmaster Firearms International, LLC, is an American firearm manufacturer and distributor. The company's product line revolves around semi-automatic pistol and rifle variants of the M4/AR-15 design. It is currently in full operation and is based in Carson City, Nevada. Bushmaster Firearms is unrelated to the Bushmaster autocannon.

<span class="mw-page-title-main">Para USA</span> Private firearms manufacturer

Para USA (Para) was an American-owned firearms manufacturer. It was the successor to Para-Ordnance, founded in Canada in 1985. It specialized in making M1911-style semi-automatic pistols and components. The company was acquired by Remington Outdoor Company in 2012. In 2015, the Para brand ceased production and was folded into Remington.

<span class="mw-page-title-main">DPMS Panther Arms</span> United States firearms manufacturer

DPMSPanther Arms is an American manufacturer headquartered in West Columbia, South Carolina, known for its wide range of military and civilian rifles and accessories.

<span class="mw-page-title-main">Sandy Hook Elementary School shooting</span> 2012 mass shooting in Newtown, Connecticut, US

The Sandy Hook Elementary School shooting was a mass shooting that occurred on December 14, 2012, in Newtown, Connecticut, United States, when 20-year-old Adam Lanza shot and killed 26 people. Twenty of the victims were children between six and seven years old, and the other six were adult staff members. Earlier that day, before driving to the school, Lanza fatally shot his mother at their Newtown home. As first responders arrived at the school, Lanza killed himself, shooting himself in the head.

The December 14, 2012, Sandy Hook Elementary School shooting—in which a gunman shot and killed his mother at home, 20 students, 6 teachers, then himself—received international attention. Governments and world leaders offered their condolences, while tributes and vigils by people were made in honor of the victims. U.S. President Barack Obama gave a televised address on the day of the shootings, saying, "We're going to have to come together and take meaningful action to prevent more tragedies like this, regardless of the politics." Obama paused twice during the address to compose himself and wipe away tears, and expressed "enormous sympathy for families that are affected". He also ordered flags to be flown at half-staff at the White House and other U.S. federal government facilities worldwide in respect for the victims. Three days after the massacre, 151,000 Americans had signed up at the Obama administration's We the People petitioning website in support of a renewed national debate on gun control. Obama attended and spoke at an interfaith vigil on December 16 in Newtown, Connecticut.

The Sandy Hook Elementary School shooting occurred on December 14, 2012, in Newtown, Connecticut. The perpetrator, Adam Lanza, fatally shot his mother before murdering 20 students and six staff members at Sandy Hook Elementary School, and later committed suicide. A number of fringe figures have promoted conspiracy theories that doubt or dispute what occurred at Sandy Hook. Various conspiracy theorists have claimed, for example, that the massacre was actually orchestrated by the U.S. government as part of an elaborate plot to promote stricter gun control laws.

<span class="mw-page-title-main">An Act Concerning Gun Violence Prevention and Children's Safety</span> Law in Connecticut, U.S.

An Act Concerning Gun Violence Prevention and Children's Safety, also known as Public Law 13-3 or Connecticut Senate Bill No. 1160, is a bill concerning gun laws in Connecticut. The legislation was introduced by Senator Donald Williams in the state senate and by House Speaker Brendan Sharkey in the state House of Representatives. It was cosponsored by Rep. Ezequiel Santiago, Rep. Matthew Ritter, Rep. Matthew Lesser, Rep. Larry B. Butler, Rep. Auden Grogins, Rep. Patricia A. Dillon, Rep. Catherine F. Abercrombie, and Senator Andres Ayala. The bi-partisan bill passed the Senate by a vote of 26 to 10 and the House of Representatives by a vote of 105-44 on April 3, 2013.

Vista Outdoor Inc. is an American designer, manufacturer, and marketer of outdoor sports and recreation products. It operates in two markets: shooting sports and outdoor products. It is a "house of brands" with more than 40 labels and subsidiaries. It trades under "VSTO" on the New York Stock Exchange.

Dr. Bill Begg is the vice president of medical affairs at Vassar Brothers Medical Center in Poughkeepsie, New York, and an emergency medicine physician at Danbury Hospital in Connecticut. Previously, he was vice chairman of emergency medicine at Danbury Hospital. Dr. Begg is best known for his activism in the wake of the Sandy Hook school shooting on December 14, 2012.

The 2020–present United States ammunition shortage is the most recent of all the ammunition shortages in the United States. It arose out of the COVID-19 pandemic in the United States, the 2020 United States presidential election, and the George Floyd protests. The lack of sufficient ammunition for consumers in the United States is to some extent ongoing.

<span class="mw-page-title-main">RemArms</span> American firearms holding company

RemArms, LLC, is an American holding company that operates the firearms manufacturing portion of the former Remington Arms company. Based in Ilion, New York, the company is relocating its headquarters to LaGrange, Georgia.

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. "Remington Arms Is Sold". The New York Times. April 6, 2007. Archived from the original on October 23, 2011. Retrieved May 22, 2010.
  4. "ROC CEO and Director Changes" (PDF) (Press release). Archived (PDF) from the original on 2017-12-07. Retrieved 2017-12-07.
  5. "ROC CEO Appointment" (PDF) (Press release). 2017-10-25. Archived (PDF) from the original on 2017-12-07. Retrieved 2017-12-07.
  6. 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.
  7. 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.
  8. 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.
  9. 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.
  10. 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.
  11. 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.
  12. "US court: Sandy Hook victims' families can sue Remington". BBC. March 14, 2019. Retrieved March 20, 2019.
  13. Lindsay, Ryan (March 14, 2019). "Lawsuit By Sandy Hook Victims Against Gun Manufacturer Allowed To Move Forward". NPR . Retrieved March 20, 2019.
  14. "One of America's Oldest Gun Makers Files for Bankruptcy for 2nd Time". The New York Times. 2020-07-28. Retrieved 2020-07-28.
  15. "Remington Auctioned Off to Seven Bidders in Bankruptcy Court". 2020-09-28. Retrieved 2020-09-28.
  16. Collins, Dave (February 15, 2022). "Sandy Hook families settle for $73M with gun maker Remington". apnews.com. Retrieved March 27, 2024.

Further reading