Bankruptcy Judge OK's Sale Of Remington Assets
A federal bankruptcy judge has approved the sale of assets belonging to gunmaker Remington. But it’s unclear what will happen to its corporate home base in Rockingham County.
Remington Arms sought bankruptcy protection in July for the second time in two years, citing lawsuits and retail sales restrictions.
The nation’s oldest gunmaker listed assets of between $100 million and $500 million.
A judge approved the sale on Tuesday of the bulk of Remington’s assets to Vista Outdoor, Inc. for just over $81 million.
Vista is a former competitor based in Minnesota. The Winston-Salem Journal reports that Vista will take control of Remington’s ammunition and accessories business, as well as the company’s brand and trademarks.
A statement from Vista officials gave no indication of what plans the company might have for the current headquarters in Madison, which employs about 100 workers. Most of Remington’s employees were furloughed as the company looked for a potential buyer.
It’s expected that Vista could complete the purchase sometime in October.
The remaining Remington assets will be divided amongst six other bidders including Ruger, which will pay $30 million for the Marlin firearms division.