Roundhill Group's $13 million bid included the Ilion firearms plant and a handgun barrel factory in Lenoir City, Tennessee. The bankruptcy court approved Sturm, Ruger & Co.'s $30 million bid for Marlin Firearms, which were made here, and Anoka, Minnesota-based Vista Outdoor's $81.4 million bid for Remington's ammunition and accessories businesses. The company was divvied up by multiple buyers. Locals wondered whether it would ever restart. Most workers were furloughed at the end of September as the company went through bankruptcy proceedings. The gunman who killed 20 children and six educators at the Connecticut school used a Bushmaster AR-15 rifle, which once was made here. Remington dealt not only with the volatile gun market, but also legal action, after the 2012 Sandy Hook school massacre. The company began moving two production lines to a new plant in Huntsville, Alabama, in 2014.
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The plant, which employed around 1,200 people eight years ago, was down recently to about 600 union workers plus an estimated 100 or so salaried workers. Remington's recent history has been a roller coaster ride with a lot of drops. "I used to call it the beer train," McDowell said with a smile. At Beer Belly Bob's beverage center across the street from the plant, Bob McDowell recalled the sales bump on Thursdays and Fridays after shifts ended at 3 p.m.
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Union signs reading "United We Stand with Remington Workers" are in the windows of local businesses that sell everything from pizza slices to steel-toed boots. Though the company moved its headquarters to Madison, North Carolina, the old factory dominates - literally and figuratively - a village that has long depended on workers making rifles and shotguns to power the economy. Company founder Eliphalet Remington started making flintlock rifles on his father's forge near here in 1816, and the Ilion factory site dates to 1828. It's common for people here to say that Ilion is Remington and Remington is Ilion. We can't sit around and wait for forever." And I plan on going back to college unless I find a job before I start that up," said Sweeney, recording secretary for the local unit of the United Mine Workers of America.
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Remington was forced into bankruptcy despite a booming firearms market because it had been saddled with substantial amounts of debt by its private equity owners and faced lawsuits from the families of victims of the 2012 Sandy Hook school shooting."My husband, he's looking for work, just like everybody else. Remington has accepted the offer and the bankruptcy approved the sale. The bones of bankrupt Remington Arms continue to be picked clean as Sturm, Ruger ( NYSE:RGR) announced it was acquiring the gunmaker's Marlin Arms for $30 million. I may not be able to respond to every suggestion, but I do read them all! Think an article needs a correction? Reach Rich here.
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So follow along as he tries to break down complex topics to make them more understandable and useful to the average investor. His coverage reflects his passion for motorcycles, booze, and guns (though not enjoyed all at the same ually), but his writing also covers the broader sectors of consumer goods, technology, and industrials. Having made the streets safe for Truth, Justice, and Krispy Kreme donuts, he now patrols the markets looking for companies he can lock up as long-term holdings in a portfolio.
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After 20 years of patrolling the mean streets of suburbia, he hung up his badge and gun to take up a pen full time. Rich has been a Fool since 1998 and writing for the site since 2004.