By Guy J. Sagi
UPDATE, 9/25: Reuters news wire is reporting the delay until next week was granted because the company “…is expecting more bids for its business to come in…” The linked story explains Remington is making progress in negotiations with interested buyers, prompting the judge’s decision to push back the case. Albany, NY’s News Channel 2 reports more than 600 workers were furloughed from Remington’s Ilion plant earlier this week and Ruger is apparently ready to make a bid on the ammunition side of the business.
Bankruptcy proceedings scheduled to begin this morning and possibly include the sale of the company’s assets have been delayed until Tuesday. The Utica (NY) Observer-Dispatch reports that the mood of union members in the company’s famed and historic Ilion plant remains, “tense and uncertain….”
JJE Capitol Holdings has already made an offer of $65 million for Remington’s ammunition-associated businesses. Remington filed for Bankruptcy in late July.
The company is the nation’s oldest firearm manufacturer, and legendary among enthusiasts. The news that it faced financial challenges came at a time when guns are selling at a record pace, with this year’s total volume at the end of August already eclipsing the number for all of 2019.
For more than 200 years the company has been making firearms for America’s sportsmen. Most of them came out of the Ilion, NY, plant.