Navajo Nation Aims to Buy Bankrupt Remington
Remington is one of the oldest gun companies in North America, founded with Eliphalet Remington’s first hand-built rifle in 1816. Over the past 200+ years, the company has manufactured millions of some of the best selling rifles and shotguns, including the Model 700 and Model 870.
For many shooters, a Remington may have been their first gun. Maybe it was a single shot .22 or a trusty old shotgun, handed down from a parent or grandparent. The company received its first government contract in 1845, an order placed by the US Army for 5,000 Model 1841 "Mississippi" rifles. Over the years, Remington has supplied rifles and handguns to military and police departments worldwide. You can read more about Remington's history, including their dabble in the typewriter business HERE.
All has not been well financially for the historic gun maker for the past couple of years and they're facing a big lawsuit by victims of the Sandy Hook shooting. It declared bankruptcy once in 2018 and managed to keep things afloat for the past two years. Now the Wall Street Journal is reporting the company is planning on filing Chapter 11 soon and the expected buyer is the Navajo Nation. The deal requires regulatory approval.
According to this story on the Lone Star Gun Rights website, the Navajo Nation (should they acquire Remington) is planning on ending the production of Remington's AR-15 models and will instead focus on their hunting guns. The new owners will also continue to seek law enforcement and military orders.
While most of us know that the Navajo Nation owns and operates a number of very successful casinos, Indian Country Today said in this 2017 article the Nation is well diversified in a number of different industries. The tribe purchased Cloud Peak Energy in 2019.
The Navajo Nation also operates 12 enterprises, including a utility authority, radio stations, a newspaper, transportation, construction and housing authorities, and 110,600 acres of farmland.
It's nice to see that Remington will not be selling out to a foreign conglomerate. The company should fit nicely in the Navajo Nation's portfolio.
H/T: Lone Star Gun Rights