Remington to File for Bankruptcy Article

[Gr8bawana]

Cerberus Capital Management has had Remington for a long time and is to blame for this. I used to be a manager at another company controlled by Cerberus - so I can tell you first hand how it operates. Cerberus cares nothing about anything other than making money. Once a company no longer takes pride in what it does and strictly cares about what the financial report looks like for the next quarter on Wall Street - things can go bad. Remington started out as a company passionate about the outdoors and providing a quality product to the public. This was what was key to their success. Once it was taken over by bean counters chasing dollars - the heart of what made Remington successful changed - and the product deteriorated.

Cerberus bought a grocery company that I worked at for over 20 years and my wife worked for the same company for over 37 years. After they bought us the management directives made absolutely no sense for a customer service industry such as grocery stores. As a result sales and profits company wide suffered and several years later they started selling off stores piecemeal.
They are nothing but vultures.

 

[hoshour]

BKH, you hit the nail on the head.

How many times have we seen this bad movie - keep making the product cheaper in quality and make more short-term profits until people decide your product is no longer sufficient quality to be worth any price. You trade the reputation for short-term profits until the name becomes worthless.

Mowers, blowers, trimmers, small appliances like coffee-makers and can openers - dressed to look good and held together by a plastic part not built to last so you're back at the store either buying parts and service or throw the thing away after a couple years and buy a new one.

You would think the lesson would have been learned back when the auto companies nearly went under because of the build it shiny, repair it often model of business.

A company that builds quality and cares about the product matching the reputation is what everyone is looking for today but you'd better be privately owned or own a big share of the shares because when the short-sighted Wall St. financial engineers enter the picture, it is all downhill from there, and quickly. Gordon Gecko is alive and well.

 

[kidoggy]

Seems as though Remington cant give away its 22 ammo now. I didn't see any for six years and now I cant get down the isle in Walmart for all the bricks falling on me!! Times change peoples attitudes and fears change with it. I don't know how much having a liberal prez influenced the survival of Remington but with the massive gun and ammo sales during Obama era couldn't hurt. Those massive sales are not happening now. That's all I was saying

it is true, at least in the short term, that democratic presidents are great for those in the gun trade.
long term ,not so much.