The Rohrbaugh Forum
Miscellaneous => The Water Cooler -- General Discussions => Topic started by: DDGator on December 10, 2017, 03:52:04 PM
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http://www.foxbusiness.com/markets/2017/11/30/is-this-major-gun-maker-about-to-go-bankrupt.html (http://www.foxbusiness.com/markets/2017/11/30/is-this-major-gun-maker-about-to-go-bankrupt.html)
Hmmm... This doesn't sound good.
The recent rebates certainly have a bit of an air of desperation about them.
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To add to the OP:
"Remington’s first-quarter inventory ballooned 30 percent from year-earlier levels, even as sales plunged 28 percent, and adjusted Ebitda, a gauge of funds available to pay creditors, fell 70 percent. More than half the company’s debt matures in 2019 alone. Remington is rated Caa2 by Moody’s, with its third-lien 2020 bonds rated Caa3 and quoted at about 58 cents on the dollar last week. They were as high as 92 cents before the election.
Some rivals carry higher grades, with an A+ rating for American Outdoor Brands Corp., owner of Smith & Wesson. Still, they’re not immune to the slump. A surprisingly weak forecast from American Outdoor in June sent its shares and those of rival Sturm Ruger & Co. tumbling the most in more than six months. Vista Outdoor Inc., a retailer of sporting equipment, cut its forecast for the year in June, citing excess inventory of guns and ammunition."
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Sorry to see ANY firearm maker in trouble.