It looks like America’s oldest gunmaker is in trouble once again. Only two years after emerging from bankruptcy, Remington faces down the same barrel once again. And this time, multiple reports say the Navajo Nation could acquire Remington.
Remington Navajo Nation Purchase Looms
We saw this play out once before already. In 2018, we reported when Remington rejected the Navajo Nation’s offer to buy the company. Only two months out of after filing for bankruptcy, Remington avoided purchase in July 2018. It turned down a bid in the reported neighborhood of $500 million.
However, that plan came with stipulations not welcomed by many in the 2A community. The Navajo Nation stated it planned to stop selling modern sporting rifles to the public. Instead, it would focus on military and police contracts. Even more troubling, the Navajo Nation planned on investing in so-called “smart gun” technology. Then and now, the entire deal sounded like a death nail for Remington.
“Navajo is a community of veterans and people of the land,” the tribe’s lawyer, Drew Ryce, told the New York Times in 2018. “We are indifferent to the AR-15 and happy to leave that business behind.”
But now in June 2020 Remington faces Chapter 11 bankruptcy protection, reported reuters.com. With it comes another push from the Navajo Nation to acquire the company. The tribe planned a vote last Friday to approve the deal. At press time, no update had yet been given.
This remains a developing story. We will keep you posted as more information becomes available.
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by Personal Defense World / Jun 26, 2020