Category: Firearm Industry News

Coverage of events for Fear and Loading by Guy J. Sagi and breaking news of interest to firearm owners.

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Smith & Wesson Brands, Inc. Announces Record and Distribution Dates for American Outdoor Brands, Inc. Spin-Off

From Smith & Wesson

Smith & Wesson Brands, Inc. (NASDAQ Global Select: SWBI), one of the world’s leading providers of firearms and quality products for the shooting, hunting, and rugged outdoor enthusiast, today announced that its board of directors has approved the previously announced separation from Smith & Wesson Brands, Inc. of its outdoor products and accessories business into an independent, publicly traded company. Upon consummation of the spin-off, the two companies will consist of:

  • Smith & Wesson Brands, Inc., which will include the firearms business; and
  • American Outdoor Brands, Inc., which will include the outdoor products and accessories business.

Smith & Wesson Brands will effect the separation through a spin-off whereby it will distribute 100 percent of the shares of American Outdoor Brands common stock to Smith & Wesson Brands’ stockholders of record as of the close of business on the record date of August 10, 2020 on a pro rata basis. The distribution of American Outdoor Brands’ shares is expected to be completed effective as of 12:01 a.m. Eastern Time on August 24, 2020, with Smith & Wesson Brands stockholders receiving one share of American Outdoor Brands common stock for every four shares of Smith & Wesson Brands stock. No fractional shares will be distributed in connection with the spin-off. A cash payment will be made in lieu of any fractional shares.

Following the spin-off, American Outdoor Brands will be a separate publicly traded company independent from Smith & Wesson Brands. Smith & Wesson Brands will not retain any American Outdoor Brands common stock. Smith & Wesson Brands will continue to be listed on NASDAQ under the symbol “SWBI.” American Outdoor Brands has received approval for the listing of its common stock on NASDAQ under the symbol “AOUT.”

Beginning on or about August 10, 2020 up to and including the distribution date, it is expected that there will be two ways to trade Smith & Wesson Brands common stock – either with or without the distribution of American Outdoor Brands common stock:

  • A ‘regular way’ market (NASDAQ: SWBI) in which shares of Smith & Wesson Brands common stock will trade with an entitlement to receive shares of American Outdoor Brands common stock on the distribution date; and
  • An ‘ex-distribution’ market (NASDAQ: SWBIV) in which shares of Smith & Wesson Brands common stock will trade without an entitlement to receive shares of American Outdoor Brands common stock on the distribution date.

Smith & Wesson Brands expects that a “when-issued” public trading market for American Outdoor Brands common stock will commence on or about August 10, 2020 under the symbol “AOUTV,” and will continue up to and including the distribution date. Beginning on the day following the distribution date, all shares of Smith & Wesson Brands common stock and American Outdoor Brands common stock will be separately traded only on a “regular way” market.

No action is required by Smith & Wesson Brands’ stockholders in order to receive shares of American Outdoor Brands common stock in the distribution. Prior to the distribution date, an information statement containing details of the spin-off and information about American Outdoor Brands will be mailed to Smith & Wesson Brands’ stockholders prior to the distribution date. Investors are encouraged to consult with their financial advisors regarding the specific implications of buying or selling shares of Smith & Wesson Brands common stock on or before the distribution date.

The spin-off is subject to customary conditions, including receipt of a tax opinion from counsel, effectiveness of the Form 10 registration statement filed with the Securities and Exchange Commission, execution of intercompany agreements, and other conditions described in the registration statement.

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Walther Secures Lorain County Sheriff’s Contract for PPQ 9 mm Pistols

From Walther

Walther Arms Law Enforcement is pleased to announce the sale of approximately 100 PPQ M2 9mm pistols to the Lorain County Sheriff’s Office (OH). LCSO conducted a comprehensive testing program reviewing several models of 9mm Duty Pistols in their move away from the .40 caliber pistols they were carrying. In reviewing the Walther PPQ M2 9mm pistols, they found a significant advantage over the balance of the pistols evaluated. The main benefits to be were found to be the superior trigger pull and the enhanced ergonomics of the grip frame. In timed drills, several teams of shooters consistently made faster and more precise hits on the target than the competitor’s models.

Walther Law Enforcement also completed a comprehensive armorers training for the LCSO. In addition to the agency purchase, almost a quarter of the LCSO sheriff’s deputies took advantage of the Individual Officers Purchase Program, which provided significant discounts to the deputies in purchasing new pistols for their use.

The agency joins a growing list that has gone with Walther. Among the most recent to make that decision are the Brevard County Sheriff’s Office and York County Sheriff’s Office.  

And if you’re curious how long polymer-framed handguns will last, I asked the experts.

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Official Statement From Remington on Chapter 11 Reorganization

From Remington

Remington Outdoor Company (“Remington” or the “Company”), a leading manufacturer of firearms and ammunition, announced today that Remington and its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Alabama (the “Court”). The Company intends to conduct a competitive bidding process for the sale of some or all of its assets pursuant to Section 363 of the Bankruptcy Code.

The court’s protections during the Chapter 11 process will enable the Company to manage the sale process on an expedited basis while protecting the interests of its customers, employees and other stakeholders. Remington is in active discussions with a number of parties and will continue to engage with parties interested in a going-concern sale. The Company expects to solicit bids prior to an auction to be held in September 2020.

The Company has filed with the Court a motion to approve the use of cash collateral securing its existing Priority Term Loan. Subject to court approval, this cash collateral, combined with cash from operations, is expected to provide sufficient liquidity to, among other things, support the company’s continuing business operations and to minimize any disruption during the sale process. The Company has also filed with the Court a series of customary motions seeking to continue operating its business and facilities. These “first day” motions include requests to continue to pay wages and provide benefits to employees as usual.

Court filings and other documents related to the Court-supervised process are available at https://cases.primeclerk.com/RemingtonOutdoor. For more information, contact the Company’s noticing and claims agent at (877) 755-3450 (for toll-free domestic calls) and (347) 338-6538 (for tolled international calls), or email RemingtonInfo@primeclerk.com. Court filings and claims information are available at the U.S. Bankruptcy Court website, http://www.mnb.uscourts.gov/.

Ducera Partners is serving as financial advisor and investment banker to Remington and O’Melveny & Myers LLP is serving as the Company’s legal counsel.

 Editor’s Note: Here’s our story on the filing earlier this week.

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Custom Knife Auction to Support NRA-ILA and the Second Amendment

From Knife Rights

Freedom’s Steel IX – Liberty’s Edge Double-Action Automatic Knife celebrates the Second Front in Defense of the Second Amendment and the liberties we fight to protect. For the past six decades and change switchblade (automatic) knives have been demonized by those opposed to freedom and liberty in much the same way as modern sporting rifles have been more recently. At one time they were banned or highly restricted in nearly half the states! Today, thanks to Knife Rights’ efforts, they are legal to own, to one degree or another, in 44 states and legal to carry in 33.

With the generous support of our collaborators, Knife Rights has donated Freedom’s Steel IX – Liberty’s Edge Automatic Knife, a one-of-a-kind custom crafted Double-Action Automatic Knife by acclaimed knifemaker Johnny Stout with Julie Warenski-Eriksonengraving and a feather Damascus blade by Master Bladesmith Véronique Laurent, to the National Rifle Association’s Institute for Legislative Action (NRA-ILA) to support NRA-ILA’s defense of the Second Amendment in this critical election year. Knife Rights is the Second Front in Defense of the Second Amendment.

Freedom’s Steel IX – Liberty’s Edge Double Action Automatic Knife was scheduled to be a featured auction item at the NRA-ILA Dinner and Auction, to be held during the 2020 NRA Annual Meeting in Nashville, Tennessee. With the cancellation due to the COVID-19 pandemic of the NRA Annual Meeting & Exhibits, Rock Island Auction Company has generously offered to feature this extraordinary knife in their flagship Premier Auction to be held September 11-13. ALL proceeds, including the buyer’s premium, of this knife will be given to NRA-ILA.

Freedom’s Steel IX – Liberty’s Edge Automatic Knife will be auctioned on September 12th. Click to go to it’s page in Rock Island Auction’s Premier Auction where you can bid, either through a sealed bid or by phone during the actual auction.

Proceeds from the sale of Freedom’s Steel IX – Liberty’s Edge Automatic Knife will support NRA-ILA efforts to defend the Second Amendment this election year. This is the ninth year in a row that Knife Rights has donated a Freedom’s Steel™ knife, raising over $240,000 the first eight years. Knife Rights sincerely appreciates Rock Island Auction Company stepping up to help us continue this tradition this critical election year.

“Our Second Amendment freedoms have never been at such risk as they are today. We must all be active and united defenders of our rights and freedom or we will see them taken from us. Knife Rights and the NRA have a common interest in protecting our civil rights and specifically the right to own and use tools appropriate for self-defense. Knife Rights is proud to assist NRA in protecting these rights,” said Knife Rights Chairman and Founder Doug Ritter. “We are sincerely grateful for the support provided to us by NRA-ILA as we fight the Second Front in Defense of the Second Amendment.”

“Since 1871, the NRA has fought to defend the rights of law-abiding Americans. We are truly grateful for the support of our friends at Knife Rights and their continued contributions to our ongoing efforts to preserve our freedom,” said Jason Ouimet, Executive Director of the NRA’s Institute for Legislative Action.”

Ritter noted, “we are indebted to these incredibly talented artisans who contribute their valuable time, talents and materials to support Knife Rights by creating this extraordinary knife.” Each craftsman’s efforts and every component of Freedom’s Steel™ IX – Liberty’s Edge™ Automatic Knife was donated to Knife Rights to support its efforts to defend and enhance our right to own and carry knives as tools used daily by millions of Americans and at times wielded as an “arm” in self-defense.

Freedom’s Steel IX – Liberty’s Edge Automatic Knifewas conceived and sponsored by Knife Rights expressly to benefit NRA-ILA.

Knife Rights sincerely appreciates the generous contributions by the collaborators that allow us to make this donation. Internationally collected and multiple award-winning Texas knifemaker Johnny Stout has crafted a very special version of his renowned “Vaquero” Double Action Switchblade (Automatic Knife) for Knife Rights’ ninth Freedom’s Steel. Dubbed the XXXXX Switchblade, it features elegant engraving and 24K gold inlay by Julie Warenski-Erikson.

The dramatic 3.75-inch trailing point blade was ground from exquisite Feather Pattern Damascus forged by multiple award-winning Master Bladesmith Véronique Laurent. Exhibition grade, museum fit Mammoth Ivory scales, donated by Fine Turnage Productions, finish off the 4.875-inch long handle, for an overall length when open of 8.562 inches. The Titanium liners have been jeweled and hand-fileworked, then anodized. All the fasteners are 24K gold plated.

“Double Action” means that the blade can be deployed automatically with the push of the Mammoth Ivory inlaid 24K Gold button in the handle or the blade can be opened manually using the Mammoth Ivory inlaid 24K Gold thumb stud on the blade if circumstances dictate a less energetic opening of the knife.

Art Knife Invitational member and multiple award-winning Julie Warenski-Erikson’s engraving has raised 24K gold inlays with shadow accenting, scroll leaf engraving and 24K gold beaded borders.

The Collaborators & Donors Knifemaker: Johnny Stout
Engraver: Julie Warenski-Eriksone
Feather Damascus: Véronique Laurent
Fossil Mammoth Ivory: Charles Turnage – Fine Turnage Productions
Photographer: Dirk Loots – Photography by Dirk Loots
Auction: Rock Island Auction Company
Sponsor: Knife Rights
Recipient: NRA Institute for Legislative Action (See details of each collaborator and donor below)

Knifemaker: Johnny Stout, New Braunfels, Texas

After almost a lifetime of being a knife lover and user, both as a sportsman and novice repairman, Johnny began making knives in 1983, and became a full-time maker in 1992. Using ancient and exotic, as well as state of the art, materials, he offers fixed blade designs, as well as many fine folding knives with various locking mechanisms, to include automatic (switchblade) knives. In his one-man shop, each knife is built by solely by Johnny, one at a time, and made from a variety of USA made steels: carbon, stainless, and some of his own pattern welded Damascus, as well as other maker’s specialty Damascus. Johnny remains committed to a highest level of attention to detail that is hard to find in the world today.

Johnny is a member of the American Bladesmith Society and founding member and past President of the Texas Knifemakers and Collectors Association.

For the knife enthusiast that have a desire to build their own knives, Johnny offers three levels of knife instruction: Basic, Advanced, and Fine Folders. If you’d like to cut years off your learning curve, consider one of these classes.

Engraver: Julie Warenski-Erikson, Saint George, Utah

One of America’s preeminent knife engravers, Julie’s career in custom knifemaking began in 1986 when she met Buster Warenski who taught her the art of engraving. She was taking an engraving class, which he taught, and later that year they were married. Within a year Julie was engraving every knife they made and also engraved for many other knifemakers and customers all over the world. Over the years she worked in many areas of knifemaking helping with knife designs and also making many parts of their knives, as well as doing all the embellishment on them. She says, “we had a great marriage and awesome relationship until he was so unexpectedly taken away forever.” (Buster passed away in 2005)

After Buster’s passing, Jule had a strong desire to make knives and continue to make the great art knives that they had worked on, and had a unique partnership with, for the past 20 years. A past student of Buster’s, Curt Erickson, had offered to help teach Julie to grind the way Buster had taught him. Curt was the only person Buster had really tutored in knifemaking and she graciously accepted his offer. After working with Curt and with his help, Julie won the Buster Warenski award for the best Art Knife at the New York knife show in February 2006. Curt and Julie were married in 2006, and now work together.

Feather Damascus for Blade: Véronique Laurent, MS, Brussels, Belgium

Master Bladesmith Véronique Laurent was born in 1968 in Belgium and now resides in Brussels. She notes that, “the United States gave me the chance to make a living as a knifemaker. The NRA stands for freedom and that freedom was welcoming to me.”

Initially, her interest lay in cold iron work, not making knives. But, In 2004 she attended a forging event where the Belgian Knife Society gave knife forging demonstrations and her passion for forging knives was kindled. She took a class from a Belgium bladesmith and he providing additional advice for a period of time. Her partner, Michel, built her a hydraulic press, belt grinder and other knifemaking necessities to continue her bladesmithing journey.

In 2010, a French collector invited her to a gathering of bladesmiths. Laurent met Master Bladesmith Joe Keeslar of the American Bladesmith Society and became excited about their rigorous apprenticeship-based training system. As she relates, “the beauty is that they share all their knowledge. You get all the information you need to move forward. It is very motivating.” After spending two years as an Apprentice Bladesmith, Laurent crossed the Atlantic to attend BLADE Show in Atlanta, Georgia, and passed her Journeyman Bladesmith test in 2013.

A mere two years later in 2015 her growing skill set and passion for excellence allowed her to pass the very demanding Master Bladesmith test. At the time, she became the third female Master Bladesmith and she started knifemaking full time. In 2017, after lessons from a Master Engraver, she started engraving her knives. She produces an average of seven large knives annually. Her knives are in collections all over the world.

In 2019, she generously donated Lady Liberty’s Steel III – Isabel – Freedom’s Web to the NRA Women’s Leadership Forum.

Fossil Mammoth Ivory: Charles Turnage – Fine Turnage Productions, San Antonio, Texas

Designing functional art has been my business for years, but working with wood has been a part of my life for 30 years or so. As a hobby I have built fences, decks, kitchen cabinets, antique replica furniture and more. Growing up as a kid and working with my father who was a landscaper and an uncle who was a carpenter helped me became skillful with my hands. My creativity I owe to God.

I am the author of a book “Turning Beautiful Pens with Charles Turnage” (not yet published) and I wrote an article for Popular Woodworking magazine (Dec. 2002) entitled “Turned Bottle Stoppers” and one for American Woodturner due out September 2003 entitled “Bottle Stoppers”. Some other articles on my work are “Noted with Pleasure” Niche magazine (Winter 2003), “Carving art out of antlers and palm nuts” Sunday Telegram (business section- Dec. 15, 2002), “Turning Time” Worcester Magazine (June 20, 2001) and “Wood Ma.. Fall Show 2000” Wood magazine. I have also been on front cover of Penn State Industries (craft supply catalog) three times. A few other noteworthy accomplishments are I developed Hi-Gloss Project Finish, I designed the Bottle Stopper Lathe Chuck, I redesigned the Wine Bottle Stopper Kit (all for Penn State Indus.) and I designed a jig for getting fine shavings from bone for Etex Corporation.reations, but you can also choose from carvings and artwork by gifted craftsmen and women from around the state and choose from our selection of quality ulus made right in the store.

For the custom knife maker and carver, we have hundreds of natural materials, horns, antler, fossil ivory, mammoth teeth, exotic hardwoods and minerals from around the world.

Photographer: Dirk Loots – Dirk Loots Photography, Cumming, Georgia

Dirk Loots is a South African born knifemaker now living and working in Cumming, Georgia. His knife-making journey began in 2011 after taking a course in South Africa that taught him the possibilities of knives as an art form. By 2016, Dirk had become quite accomplished and entered the high-end “functional-art” market; whereby he immediately garnered the attention and respect of some of the finest knife makers in the world.

In addition to knives, Dirk is also an accomplished photographer. He was renowned in his home country as the preeminent photographer of master knifemakers in South Africa. Dirk has had the pleasure of working with phenomenal artisans from across the globe and his photography skills are available to other knifemakers upon request.

Auction: Rock Island Auction Company.
www.rockislandauction.com

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Hornady Fulfills Additional DoD Contract for 6mm ARC

From Hornady

A specialized group from the U.S. Department of Defense has purchased an additional amount of 6mm ARC ammunition from Hornady for its multipurpose combat rifle program.

The 6mm ARC is a truly versatile cartridge that maximizes the potential of the AR-15 platform. This new cartridge delivers less felt recoil than larger short action based cartridges, yet takes full advantage of modern, heavy for caliber 6mm bullets that provide excellent accuracy and ballistic performance at extended range.

The 6mm ARC delivers substantially better ballistics than the 5.56 NATO with similar recoil and yet delivers comparable ballistics to the venerable 308 Winchester with 30% less weight on both firearms platform and ammunition.

Hornady only introduced the 6 mm ARC to consumers last month. Here are the details. More information can be found at hornady.com/6mmARC.

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Ruger Reports Big Q2 Increases, Declares $5 Special Dividend

From Ruger

Sturm, Ruger & Company, Inc. (NYSE: RGR) announced today that for the second quarter of 2020 the Company reported net sales of $130.3 million and diluted earnings of $1.05 per share, compared with net sales of $96.3 million and diluted earnings of 35¢ per share in the second quarter of 2019.

For the six months ended June 27, 2020, net sales were $253.9 million and diluted earnings were $1.91 per share. For the corresponding period in 2019, net sales were $210.4 million and diluted earnings were $1.09 per share.

The Company also announced today that its Board of Directors declared two dividends:

•a quarterly dividend of 42¢ per share based on the results of the second quarter, and

•a special dividend of $5.00 per share.

Both dividends are for shareholders of record as of August 14, 2020, and are payable on August 28, 2020.

Chief Executive Officer Christopher J. Killoy commented on the $5.00 per share special dividend, “Given our strong operational and financial performance, including our consistently positive cashflow, and our current cash balance of $227 million, we are returning some of our cash to shareholders. Our remaining cash holdings will allow us to continue to invest in capital expenditures in support of our commitment to new product development and innovation, maintain our quarterly dividend, and pursue opportunities that would further generate shareholder value.”

Mr. Killoy commented on the financial results for the second quarter of 2020, “Consumer demand, which began to surge in the latter stages on the first quarter, continued to intensify in the second quarter. This increased demand appears to be driven, in part, by concerns about personal protection and home defense stemming from the continuing COVID-19 pandemic; protests, demonstrations, and civil unrest in many cities throughout the United States; and the call, by some, for the reduction in funding and authority of various law enforcement organizations. As a result of this oversized demand, inventories were significantly reduced at all levels in the channel during the second quarter.”

Mr. Killoy commented on the COVID-19 pandemic and its impact on the Company, “The COVID-19 pandemic continues to cast uncertainty throughout the global economy. Nevertheless, any adverse financial impact on our business resulting from COVID-19 was negligible in the second quarter of 2020. Since its onset in March, we have remained proactive in maintaining the health and safety of our employees during this pandemic and mitigating its impact on our business. For example, we suspended hiring from March until June, when we were confident that we could resume onboarding in a safe and responsible manner for all involved. The future impact of COVID-19 remains unknown. We have been fortunate to have only limited restrictions on our operations thus far. Our financial strength, evidenced by our debt-free balance sheet, provides financial security and flexibility as we continue to manage through this crisis.”

Mr. Killoy made the following observations related to the Company’s second quarter 2020 performance:

The estimated unit sell-through of the Company’s products from the independent distributors to retailers increased 47% in the first half of 2020 compared to the prior year period. For the same period, the National Instant Criminal Background Check System (“NICS”) background checks (as adjusted by the National Shooting Sports Foundation) increased 65%. These substantial increases are attributable to increased consumer demand for firearms in the first half of 2020.

Sales of new products, including the Wrangler, the Ruger-57, the LCP II in .22 LR, the PC Charger, and the AR-556 pistol, represented $48 million or 21% of firearm sales in the first half of 2020. New product sales include only major new products that were introduced in the past two years.

During the second quarter of 2020, the Company’s finished goods inventory decreased 20,800 units and distributor inventories of the Company’s products decreased 106,500 units. In the aggregate, total Company and distributor inventories decreased by 57% during the quarter.

Cash provided by operations during the first half of 2020 was $78.1 million. At June 27, 2020, our cash and short-term investments totaled $226.6 million. Our current ratio is 3.9 to 1 and we have no debt.

In the first half of 2020, capital expenditures totaled $5.9 million. We expect our 2020 capital expenditures to total approximately $20 million, most of which relate to new product introductions.

In the first half of 2020, the Company returned $9.3 million to its shareholders through the payment of dividends.

At June 27, 2020, stockholders’ equity was $311.5 million, which equates to a book value of $17.80 per share, of which $12.95 per share was cash and short-term investments.

And if you’re a relatively new gun owner, here are 3 things you probably didn’t know about Ruger. Bear in mindnot all gun companies are this healthy financially healthy, even with the current upswing in sales. Remington filed for bankruptcy protection this week.

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Fiocchi Announces Major Industrial Expansion in Arkansas

From Fiocchi USA

Fiocchi, a global leader in defensive, target, and hunting ammunition, is pleased to announce plans for a significant investment in a new, independent manufacturing facility in Little Rock, Arkansas. This plan is part of an ongoing strategic initiative by Fiocchi of America and the Italy-based Fiocchi Group to expand its U.S. and international operations.

Establishment of the new industrial platform follows Fiocchi’s recent infrastructure and proprietary technology acquisitions — all of which are intended to significantly broaden the company’s manufacturing capabilities in response to increased demand and projected growth trends.

“We are excited to start this new chapter of Fiocchi’s history here in Arkansas,” said Anthony Acitelli, President and CEO for Fiocchi of America. “The plant is a state-of-the-art production facility that will be instrumental in offering our customers premium products and unparalleled service levels.”

The Little Rock, AR, initiative will operate in tandem with Fiocchi’s long-established ammunition manufacturing facility based in Ozark, Missouri.

“Fiocchi identified Arkansas as a primary target for its expansion based on the skilled labor of the state, business climate, and geographic location. This investment is a unique opportunity for Fiocchi” said Jared Smith, Fiocchi’s General Manager. Smith also mentioned that the company will be tapping local and regional talent to fulfil multi-discipline hiring needs. The initial hiring of around 85 skilled employees will be followed by additional workforce increases as the operation reaches capacity potential.

“It is with great pleasure that we welcome Fiocchi to Arkansas,” said Arkansas Governor Asa Hutchinson. “One of my goals as governor has been to increase foreign direct investment in the state, and this is a great example of what can happen when the state and local partners work together to nurture relationships with current and prospective leaders across the globe. I look forward to watching Fiocchi grow and prosper here.”

In addition to manufacturing ammunition for law enforcement, personal defense, target, training, and hunting applications, Fiocchi is a leading manufacturer of cartridge components used around the world. The new expansion initiative is a positive signal for the broader shooting and sporting communities.

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Remington Files for Bankruptcy Protection

CNN and the New York Times are reporting that Remington has filed for bankruptcy protection for the second time in two years. The news outlets indicate the Chapter 11 paperwork was officially submitted to court in Decatur, AL.

The news doesn’t come as a surprise. The Wall Street Journal reported late last month that Remington “…is preparing to file for chapter 11 bankruptcy protection for the second time since 2018 and is in advanced talks for potential bankruptcy sale to the Navajo Nation…” The information was provided by an undisclosed source close to the development.

According to todays New York Times story, though, “Remington has been in search of potential buyers and had been in talks with Navajo Nation to acquire it out of bankruptcy, but the negotiations collapsed in recent weeks, leaving the company without a bidder as it goes through reorganization.”

Remington is one of the nation’s most storied firearm manufacturers and is more than 200 years old. It was acquired in 2007 by Cerebus—a private-equity investment group—and added to its stable of firearm-related companies that ultimately grew to include legends in the industry. Then in March 2018 Remington filed its first Chapter 11 bankruptcy protection request. Its books were nearly $1 billion in the red. It emerged quickly, in May 2018, after reaching an agreement with creditors that ultimately removed Cerebus from management.

One of the first signals of its latest financial challenges surfaced last year, when Remington lost $3 million in incentives that Alabama provided to convince the company to move manufacturing to the state. According to AL.com, the decision was made because the company, “…failed to meet hiring and payroll targets at its Huntsville plant…”

The Navajo Nation made a $475 to $525 million offer to purchase Remington during the first bankruptcy proceeding, according to the New York Times. Company officials indicated they weren’t entertaining outside offers at the time, although the Indian Tribe’s long-term plans may’ve played a bigger role—stopping production of AR-15s for civilian sales, concentration on military and police sales where contracts often dictate minority-owned-business preference and investment of profits into development of “smart guns.” Production would also move to the Southwest.

Meanwhile, business is flourishing over at Ruger.

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New Form 4473s Mailing

From NSSF

The Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) has informed NSSF that it has begun mailing starter packets of the new Form 4473 to all Federal Firearm License holders. FFLs who pre-ordered the new forms should receive their starter packets over the following couple weeks, and NICS is now accepting background checks for customers filling out the new form online and at the call center.

The new Form 4473, bearing a revision date of May 2020, contains substantial changes over the previous form. NSSF, the firearm industry trade association, is the first to offer a suite of must-have training courses on the new form and a breakdown of its changes through our SHOT University Online education center. The series, entitled “Completing the Form 4473 2020 Version,” is now live and reviews critical elements of the new form’s use and purpose, as well as tips for identifying and correcting common errors made by both buyers and sellers. The suite is composed of three, easy-to-digest segments:

  • Module 1: Overview of Form 4473 (30-minute duration)
  • Module 2: Completing Form 4473, Sections A-B (50-minute duration
  • Module 3: Completing Form 4473, Sections C-E (30-minute duration)

All FFL counter salespeople, compliance officers, records keepers and license holders should consider these SHOT University Online courses to be mandatory training. FFLs utilizing the NICS (National Instant Criminal Background Check System) E-check platform, which will be live with the updated electronic form on July 24, should also consider this to be mandatory training.

To enhance FFL training and help reduce errors when using the new form, NSSF also encourages all FFLs to log in to our online store and order the all-new overlays designed for the May 2020 Form 4473. New overlay orders are $15 for members, $30 for non-members, and ship with a set of “Sweat the Details” flyer sheets for distribution to staff salespeople. The new Form 4473 must be in use and the previous form (Oct. 2016 version) discontinued by Nov. 1, 2020. The new Form 4473 and continuation sheets are available for order in both English and Spanish here.

SHOT University Online and the “Completing the Form 4473 2020 Version” training series is available only to NSSF members and is offered free as part of their member benefits. To take advantage of these and dozens of other course offerings, members should log in at the University’s home page with their username and password, click on the course of their choice and explore the various modules of each.

The training our members will receive from this course is worth far more than the cost of their membership—not only does this training ensure an uncomplicated transition to the new form, it helps ensure your FFL is prepared for an ATF compliance audit in which your 4473 records will be thoroughly reviewed. If you are an FFL and have not yet become a member of your trade association, we encourage you to join now and take full advantage of all SHOT University Online and NSSF’s many other resources, including our “Don’t Lie for the Other GuyTM” retailer kit developed in partnership with ATF. “Don’t Lie for the Other Guy” is celebrating 20 years as the industry-leading program created by NSSF and ATF working to educate retailers and consumers about illegal straw purchases and what retailers can do to prevent these crimes. For more information about NSSF’s tools and programs for retailers, visit NSSF.org.

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Speer Ammunition Awarded Contract with the DHS, U.S. CBP

From Speer

The Department of Homeland Security (DHS), U.S. Customs and Border Protection (CBP) has selected Vista Outdoor’s Speer Ammunition brand as the awardee for their 9 mm Service Ammunition. CBP is one of the world’s largest law enforcement agencies and is charged with border security while also overseeing lawful international trade and travel. This is the largest duty contract won in company history and solidifies Speer as law enforcement’s number one choice of duty ammunition.

This single-award, Indefinite Delivery Indefinite Quantity contract is a Strategically Sourced contract for all DHS components and other federal agencies with a maximum value of $112 Million dollars. The ordering period is for a total of five years with product delivery commencing this August.

“We are proud to provide the highest quality duty ammunition to CBP officers charged with the monumental task of border security,” said Speer Ammunition President Jason Vanderbrink. “We know they require the best ammunition in their mission to protect our borders and keep the homeland safe. The use of Gold Dot technology in this contract ammunition ensures the highest performance threshold and absolute confidence in on-duty performance.”

CBP selected a round utilizing the Speer Gold Dot technology, which has set an industry benchmark for both self-defense and duty use, earning the trust of consumers and law enforcement world-wide. The bullet features a pressure-formed lead core that is bonded to an extremely uniform jacket a single atom at a time that virtually eliminates separation on impact for more retained weight and consistent penetration depths. The Gold Dot hollow-point design expands consistently through the full range of barriers. Reliable ignition and cycling are delivered thanks to sealed primers and nickel-plated brass.

Speer ammunition can be found at dealers nationwide or purchased online direct from Speer.

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