Category: Business

REFORMED REMINGTON GETS FFL, CALLING WORKERS BACK

Emerging from a federal bankruptcy sale, the nation’s oldest firearms company is setting the stage for a comeback in 2021.

The new RemArms Company has received its federal firearms license and is making offers to laid-off workers at Remington’s historic Ilion, New York facility, as reported by local media in upstate New York. Richmond Italia of Roundhill Group, LLC, the company that purchased the plant at auction last year, explained they have sent out offers to 200 former workers, of which most were accepted.

“Our hopes are to consolidate in Ilion and go back to an 800-employee facility,” said Italia. “That number is highly contingent on our negotiations with the county and the state of New York, and, of course, the union.”

The former Remington Outdoor Company, whose umbrella of brands included such household names as Marlin, DPMS, Bushmaster, NEF, and AAC, was broken apart during bankruptcy proceedings in an Alabama federal court last September. While most of the branches went to other bidders– Ruger bought Marlin while Vista Outdoors bought Remington’s ammunition line– Roundhill paid around $13 million for the gunmaker’s New York factory and Lenoir, Tennessee, handgun plant. However, as the deal required Roundhill to secure an FFL before they could resume production on such iconic products as Model 870 shotguns and Model 700 rifles, the plants were sidelined in October.

BREAKING: CZ In Late Stage Talks to Acquire Colt

Apparently struggling since emerging from bankruptcy in 2016, Colt has likely drawn the eye of potential buyers ever since. Now, thanks to CZ (Česká zbrojovka) parent company CZ Group’s public filings, we know it is attempting to purchase all of Colt’s Manufacturing Company‘s assets and is well along in this process.

Translated from an article in major German newspaper, Die Welt:

…CZ is planning the complete takeover of the world-famous US company Colt – including its Canadian subsidiary. To this end, after research by WELT AM SONNTAG, a declaration of intent was signed. A spokeswoman for CZ Ceská Zbrojovka confirmed the plan in principle to the newspaper.

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Gun show attendance breaks records amid record-breaking gun sales
Organizers and sellers are attributing this year’s success to the cancellations of other gun shows due to COVID, among other factors.

BLOOMFIELD — At the Bloomfield Gun Show, the aisles were packed and the hardware was basically flying off the tables.

“Extremely busy yesterday,” said Garret Kuhl “I know I’ve talked to a few guys who put it on, they said it was record crowds, which wasn’t surprising.”

“The year 2020 set a record for the most guns purchased by US civilians.”

Organizers and sellers are attributing this year’s success to the cancellations of other gun shows due to COVID, among other factors.

“The civil unrest and stuff we saw in 2020 and some of the panic buying, and then getting closer to the election, gun sales were certainly picking up,”

2020 was a year filled with fear, uncertainty, discord, and outright violence – some of it trickling into the early moments of 2021.

Joe Biden is heading into the oval office this month, and one of his presidential promises for the new administration is zeroing in on Gun Control.

One of the tenets of that initiative is banning the manufacture and sale of assault weapons and high-capacity magazines.

While loosely defined, seven states have bans on what they consider to be assault weapons, with exact models being named and prohibited.

“They’re going to try and make it as restrictive as can be,” said Pheasants Forever Treasurer Steven Barney, “we have lots of regulations. We need to enforce what we got. Additional ones just hurt the law-abiding citizen.”

Nebraska does not currently have any assault weapon bans, but there is a need to have a license to purchase handguns and for concealed carrying. Private sales of pistols also require background checks.

Gun sales also soared under the Obama administration. With his then running mate now coming to be the head of state, the boom probably won’t be slowing down any time soon.

“A lot of stuff is really hard to find. Every dealer here is experiencing that,” Kuhl said. “Unfortunately, I don’t see it getting any better. A lot of people ask, hey, when’s ammo going to be back in stock? When can I order this gun, or this gun

 

Hundreds Of People Line Up Outside Gun Store In Orem

OREM, Utah — An amazing sight outside a Utah County gun store as hundreds lined up to buy ammo.

The line stretched around Gunnies, located at 396 South State Street in Orem, all throughout the day on Saturday.

Some traveled as far as Kamas to wait for hours in the cold.

KSL-TV spoke to a number of people — some said they came for the restocked ammo, others were more anxious. They mentioned current political events — the GA runoff, a soon-to-be transfer of power and Wednesday’s violence at the U.S. Capitol. Many in line also yelled out: “Biden is going to take our guns.”

“There were people down here, 200 lined up before the store opened,” said gun owner Mark Greer who drove from South Jordan.

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Unrest Driving Up Demand For Guns (Again)

Second verse, same as the first. Riots and unrest that broke out in many cities in the wake of George Floyd’s death in Minneapolis last may caused a surge in gun sales at a time in which demand was already through the roof, and the spike in sales never really abated. We just saw the busiest December on record for gun sales, and over the course of 2020 nearly 21-million firearms were sold to Americans.

Still, some gun store owners say they’re anticipating another rush in the wake of violence in Washington, D.C. and the prospect of more unrest in the weeks ahead. Melissa Denny, who owns Pistol Annie’s Jewelry and Pawn in Washington State, says she expects another onslaught of customers concerned about their personal safety.

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Boeing Charged With 737 Max Fraud Conspiracy And Agrees To Pay Over $2.5B

The Boeing Company (Boeing) has entered into an agreement with the Department of Justice to resolve a criminal charge related to a conspiracy to defraud the Federal Aviation Administration’s Aircraft Evaluation Group (FAA AEG) in connection with the FAA AEG’s evaluation of Boeing’s 737 MAX airplane.

Boeing, a U.S.-based multinational corporation that designs, manufactures, and sells commercial airplanes to airlines worldwide, entered into a deferred prosecution agreement (DPA) in connection with a criminal information filed today in the Northern District of Texas. The criminal information charges the company with one count of conspiracy to defraud the United States. Under the terms of the DPA, Boeing will pay a total criminal monetary amount of over $2.5 billion, composed of a criminal monetary penalty of $243.6 million, compensation payments to Boeing’s 737 MAX airline customers of $1.77 billion, and the establishment of a $500 million crash-victim beneficiaries fund to compensate the heirs, relatives, and legal beneficiaries of the 346 passengers who died in the Boeing 737 MAX crashes of Lion Air Flight 610 and Ethiopian Airlines Flight 302.

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The U.S. Has Lost More Than 110,000 Restaurants, Setting the Stage for a Commercial Real Estate Collapse of Epic Proportions

The restaurant industry is in the midst of a complete and total meltdown that is unlike anything that we have ever seen before.  If you ask Google how many restaurants there are in the United States, it will tell you that there are 660,755, although that number is a few years old.  But for the purposes of this article, that is a good enough estimate.  Americans love to eat out, and restaurant workers are some of the hardest working people in the entire country.  So it is incredibly sad to see more restaurants constantly going under.  In some cases, restaurants that have served their communities for decades are deciding to permanently close their doors.  For example, over the weekend Sammy’s Roumanian Steakhouse in New York City announced that it had finally reached the end of the road…

Landmark New York City restaurant Sammy’s Roumanian Steakhouse has closed its iconic basement-level doors as the coronavirus pandemic continues to cripple the restaurant industry.

The Lower East Side fixture was famous for its latkes spreads, chopped liver, and vodka bottles frozen in blocks of ice and was known as a boisterous party spot frequented by celebrities.

Unfortunately, Sammy’s is far from alone.

In fact, in a recent article that he penned for Fox Business, Adam Piper lamented the fact that more than 100,000 U.S. restaurants have gone out of business during this pandemic…

State and local governments have wielded the coronavirus pandemic as license to steal freedom and opportunity in pursuit of unprecedented omnipotence. Unreasonable, unnecessary and hypocritical actions have forced over 100,000 restaurants to close and endanger countless others.

And according to Bloomberg, the true number of dead restaurants is now over 110,000…

More than 110,000 restaurants have closed permanently or long-term across the country as the industry grapples with the devastating impact of the Covid-19 pandemic.

Just think about that.

More than one out of every six restaurants in the U.S. is already gone, and the National Restaurant Association is warning that there will be more carnage in the months ahead because the industry is in “an economic free fall”…

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It may be expensive now, but it’s not going to get better. Heads up!

2021 Ammo Price Increases: Federal, CCI, Speer, Remington

International Sportsman obtained a letter to dealers from Vista Outdoor President Jason Vanderbrink, which announces a price increase on Federal, Remington, CCI, and Speer ammunition of 3-15 percent. We have reached out to Vista Outdoor to confirm. You can read the letter below:

Dear Customer:

Thank you for your business and for your continued support of American manufacturing. We have hired hundreds of people over the last 12 months and invested millions of dollars to produce more ammunition to meet our customer and consumer needs. During this year we have seen significant increases in raw material prices such as copper, zinc, and lead. Additionally, increases in labor and health care have exceeded our projections as the COVID-19 pandemic has affected us all.

Effective 4/1/2021 Federal, Remington, CCI, and SPEER ammunition will take a price increase of 3-15% across all products from our last price list. Unless you notify us to cancel an order, we will reprice all existing and future orders shipped on or after 4/1/2021 to the new 4/1 prices.

You will receive your finalized price list no later than February 19th.

Thank you for your continued support of our brands and our American workforce.

Jason R. Vanderbrink
President Ammunition

vista outdoors price increase

Vista Outdoors stock is up 170 percent as of the middle of December. Vanderbrink created a response video to rumors about ammo production in 2020.

“The National Shooting Sports Foundation estimates over 8.4 million people legally purchased a firearm for the first time in 2020.”

December Was 12th Consecutive Month of Record Firearm Background Checks

December 2020 was the 12th consecutive month of record National Instant Criminal Background Check System (NICS) background checks.

Figures from the FBI show there were 3,937,066 NICS checks in December, breaking the previous record of 3,314,594 checks, set in December 2015.

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Financial Discrimination Continues Against the Gun Industry

A recent proposal by the Office of the Comptroller of the Currency (OCC), an independent bureau within the U.S. Department of the Treasury, would work to ensure fair treatment in lending and access to other financial services for American businesses. This is of particular importance to the Second Amendment, as manufacturers, companies and retailers in the shooting sports industries have and still are experiencing discrimination in getting these services from financial institutions.

Apparently, some of these financial institutions don’t like the work these businesses are engaged in, even though the work is legitimate and legal.

The OCC rule would “ensure fair access to banking services provided by national banks, federal savings associations and federal branches and agencies of foreign bank organizations. The proposal would codify more than a decade of OCC guidance stating that banks should provide access to services, capital, and credit based on the risk assessment of individual customers, rather than broad-based decisions affecting whole categories or classes of customers.”

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WV AG Morrisey joins coalition supporting NRA against lawsuit from New York AG

CHARLESTON, W.Va (WDTV) – West Virginia Attorney General Patrick Morrisey announced that he recently joined a 16-state coalition supporting the National Rifle Association’s lawsuit against New York’s attorney general.

The coalition argues that New York’s attorney general unjustly seeks to dissolve the NRA, which is the country’s oldest civil rights organization and leading Second Amendment advocacy organization, Morrisey Announced in a press release.

In August, New York’s attorney general filed suit in state court seeking to dissolve the NRA. The NRA responded by suing New York’s attorney general in federal court, claiming that her dissolution lawsuit violated the First Amendment by seeking to punish the NRA for its constitutionally protected Second Amendment advocacy.

“New York’s lawsuit seeks to destroy the Second Amendment,” Attorney General Morrisey said. “West Virginia remains in fervent support of the Second Amendment. Our office will vigorously oppose any effort to roll back gun rights and attack those who cherish the freedom to bear arms.

Bass Pro (Johnny Morris’ alter ego) is at it again. Around 50 years ago, Morris was a young aimless man with only one thing that inspired him; a love of bass fishing on southern Missouri man made lakes built by the Corps of Engineers to provide hydroelectric power to the area.

His Dad  – the family still- owning the Brown Derby liquor store chain, ceded a significant amount of floorspace in several of the stores to his son and Morris stocked bait, fishing tackle and camping gear for people heading to the lakes who had stopped by to pick up a case or two of beer.

He made enough money in a few years to buy an old strip mall, where the defunct Robert Hall menswear store chain had recently closed a store (now the multiple city block location of the Bass Pro main office, ‘home’ retail store and wildlife museum) to start out, and surprising pretty much everyone in town who was acquainted with him, kept going from one success to the next until today, Bass Pro is a – maybe ‘the’ – dominating force in all facets of sports retail, fishing boats, resorts, golf courses etc., etc., etc.

A bit of little known history; When he bought the new location, he started selling ‘shares’ of his operation for $1000 a pop.
Being in my early 20s, I was too young, too impecunious and too leery of his known history to buy in. But a few people I knew had the excess cash to give him a shot. As I understand it, Morris bought back all the shares, at steadily  increasing prices for those who were reluctant to sell out, until he finally bought back all of them by the late 80s.

Sportsman’s Warehouse to join The Great American Outdoors Group 

SPRINGFIELD, Mo. and WEST JORDAN, Utah, Dec. 21, 2020 (GLOBE NEWSWIRE) — In an effort to better serve its loyal customers, Sportsman’s Warehouse has entered into a definitive agreement to join the Great American Outdoors Group, parent company of Bass Pro Shops, Cabela’s, White River Marine Group and a collection of nature-based resorts. The Great American Outdoors Group will remain a private company with a long-term view to do what is best for its customers, team members and conservation initiatives. As part of the agreement, Sportsman’s Warehouse will be acquired for $18.00 per share in cash.

The driving force behind the partnership is the two companies’ similar histories and highly complementary business philosophies and geographic footprints. Both entities share a passion with their customers for fishing, camping, hunting, boating and other outdoor activities. Likewise, both are highly acclaimed retailers with well-deserved reputations for a broad offering of outstanding brand name and proprietary products, superior customer service, deeply knowledgeable team members and an unwavering passion for conservation. Uniting together represents an unprecedented “win-win” opportunity for outdoor enthusiasts.

“We are excited to be joining the Great American Outdoors Group. This merger brings together the greatest brands in the outdoor industry. As we look to the future, the combined entities provide our passionate associates with greater opportunities to serve the outdoor enthusiast. I couldn’t be more proud of the nearly 8,000 Sportsman’s Warehouse associates and their success in building our brand over the last 33 years. We look forward to a smooth transition and building our partnership,” said Sportsman’s Warehouse CEO Jon Barker.

“Today is a happy day for our companies, outdoor enthusiasts and for the cause of conservation,” said Bass Pro Shops Founder and Great American Outdoors Group Leader, Johnny Morris. “As outdoor sports specialists with unwavering dedication to people who fish, hunt and enjoy the outdoors, we greatly admire the passionate team at Sportsman’s Warehouse for their commitment to their customers and the sports we all love. By combining our best practices, our aim is to give our customers a best-of-the-best experience while further uniting them to support conservation,” added Morris.

I knew I should have bought into some kind of  partnership with Bill when he started out alone back in the late 70s and I had him work on a Government Model (my first gun I bought when I turned 21 and still have in inventory)

Wilson Combat Expands Manufacturing, Adds Jobs.

Wilson Combat is expanding its Berryville, Ark., facilities with an additional 16,000-square-foot building for machining and warehousing. Work is scheduled for completion sometime next month, and the company anticipates expanding its workforce by roughly 20 percent afterward to help meet demand for its firearms and equally highly regarded aftermarket parts.

The record-setting pace of firearm sales was cited as the primary reason for the expansion in an Arkansas Democrat Gazette article, although the story understates how the company has steadily increased sales and market share—even during industry downturns—since its modest founding. Competitive shooter Bill Wilson set up shop in the back of his family’s jewelry business in 1977 and brought the same attention to detail, fine looks and craftsmanship he learned up front to his gunsmithing.

Most of his early business was customizing or installing aftermarket components to handguns, but it didn’t take long for his reputation and business to grow to include manufacturing complete pistols. In 2000, the company purchased Scattergun Technologies, renamed it Wilson Combat Scattergun Technologies, and it now offers shotguns. Today, it makes rifles as well, and American Rifleman covered the Wilson Combat story in 2010.

The growth hasn’t slowed. In 2018, Chip McCormick Custom/Shooting Star Industries became part of Wilson. Today, the company not only makes and sells rifles, shotguns and handguns, it has expanded its tradition of custom creations and by working with some of the industry’s foremost builders of polymer-frame pistols. Here’s a look at what it can do to Glock Gen 3s and Gen 4s. Earlier this year, it also introduced the SIG Sauer WCP320 Carry line.

Upon completion of the latest building, the eighth in the Wilson Combat complex, the company’s total square footage available for production, administration and warehousing will increase to 93,200. The company currently employs 200 people.

Gun Maker Smith & Wesson Sues New Jersey to Block Subpoena

Democratic attorney general is seeking evidence of fraudulent marketing by firearms manufacturer, according to lawsuit

Smith & Wesson Brands Inc. one the nation’s largest gun makers, filed suit Tuesday to block a subpoena from the New Jersey attorney general seeking information about its advertising practices.
The subpoena, which was issued on October 13 according to the suit, is part of a broader legal push by gun-control advocates targeting the gun industry over its marketing practices.
New Jersey Attorney General Gurbir Grewal, who previously sued companies that sell parts used to make untraceable firearms called “ghost guns,” wants Smith & Wesson to turn over a swath of internal documents related to advertising guns in the state. The subpoena, a copy of which is included in the suit, includes requests for any marketing claims that Smith & Wesson guns are safer than others, that carrying a concealed weapon enhances a person’s lifestyle and that novices can use the company’s guns effectively for self-defense.
Smith & Wesson’s attorneys said in its complaint, filed in federal court in New Jersey, that the subpoena “seeks evidence of consumer fraud relating to advertising—but in reality, it seeks to suppress and punish lawful speech regarding gun ownership in order to advance an anti-Second Amendment agenda that the Attorney General publicly committed to pursue.”
The gun manufacturer wants the court to stop the state from enforcing the subpoena.

During the run up to the 2102 elections, the USSOCOM (United States Special Operations Command) commander, Admiral William H. McRaven, recorded a message for all personnel. “I can’t tell you who to vote for, but I can tell you that we’ve already ‘sold’ our operations plan to the current Commander In Chief [Obama] and if he remains in office we wouldn’t have to go through the process again”.
That statement didn’t prove what I already knew, but it did reinforce and confirm that all the Military/Industrial Complex really cares about is whatever will keep them in business.

The defense-industry swamp is eager to engulf the Biden administration

Just days after the presidential election, a new investment firm called Pine Island Acquisition Corporation quietly began trading on the New York Stock Exchange, with the prospect of becoming a notable player in the $2 trillion defense and aerospace industry. The company’s greatest asset was not its relatively modest bankroll goal of $200 million, but its connections — deep ties to policy establishment figures shaping the incoming Biden administration.

In describing itself to potential investors, Pine Island’s prospectus boasted a leadership team with “extensive access, insight, expertise and management skill” in the defense sector.

In the dawning Biden era, that might be an understatement.

Pine Island was established as a “blank-check company” by Pine Island Capital, a small private-equity firm based in Fort Lauderdale. Among that firm’s partners are Michèle Flournoy and Antony Blinken, two of the president-elect’s top foreign-policy advisers. Blinken, who served as Vice President Joe Biden’s national-security adviser and, later, deputy secretary of state, is Biden’s pick to lead the State Department. Gen. Lloyd Austin, Biden’s nominee for defense secretary, is also listed as one of the firm’s “DC Partners.” Continue reading “”

Gun Owners of America is aware of the situation and believes the ATF’s goal is to build a list of gun owners and punish the kits’ sellers. Gun Owners of American Senior Vice President Erich Pratt views this action as just one more overstep of the ATF.

“Americans have been making their own firearms since the foundation of our country,” said Pratt. “And while technology advances, rights do not change. The ATF’s decision to raid or threaten peaceful businesses is the agency’s latest rogue action in a long line of abuses. Honest citizens should enjoy the right to assemble their own firearms for lawful purposes, and they should be able to do so without being terrorized by their government.”

ATF Internal Leaks Shows An Even Greater Crack Down On 80% Frames

This week ATF has shown up at multiple shooting-sports-related companies and retailer’s door to demanded customer information about those American citizens who legally purchased 80% pistol frames.

News broke late Thursday about the Bureau of Alcohol Tobacco Firearms & Explosives (ATF) raiding Polymer80 over its “Build, Buy, Shoot” kits.

The apparent change in the regulations according to ATF internal documents obtained by AmmoLand News shows that the agency blames the rise of crimes using built from 80% frames. The documents also claim that “Federal courts have repeatedly held that GCA’s ‘firearms’ definition applies to a collection of unassembled firearms parts, including firearms’ parts kits.’” Continue reading “”

Smith & Wesson Posts Another Record-Breaking Quarter.

Smith & Wesson’s quarterly report for the period that ended Oct. 31 reflected the highest earnings in any three-month period for the gunmaker, shattering all previous highwater marks, including the record-setting sales figures set only 90 days before. The document—required by the Security and Exchange Commission from all publicly traded companies—along with comments during the follow-up earnings call, provide a more detailed look at firearm sales than possible by dissecting the FBI’s NICS numbers.

Quarterly net sales for Smith & Wesson were $248.7 million. During the same reporting period in 2019 that figure came in at less than half—$113.7 million.

“Today, I am pleased to report a second consecutive record-breaking quarter for our 168-year-old company,” said Mark Smith, company president and chief executive officer. “These results are a testament to Smith & Wesson’s devoted team of employees, and their ability to deliver strong performance in the face of any challenge. Because of the hard work of our employees, who have been diligently following our safety protocols, we have been able to continue safely operating our business and, during these extremely difficult times when so many of our fellow Americans are out of work, we successfully created and filled 287 new jobs during our second quarter. Along with our existing employees, our new team members played a critical role in achieving these record-breaking numbers.”

Smith’s opening comments during the earnings call put current demand at the retail level into perspective. NICS background checks related to firearm sales increased 57.5 percent during the quarter, he said, but “…our total units shipped into the sporting goods channel during this time increased 93.4 percent to 586,000 units, while simultaneously, our SRA and distributor combined inventory levels declined by over 208,000 units.”

The number of Smith & Wesson handguns shipped during the quarter came it at 420,000, an increase of 74.3 percent. Inventory in the company’s various channels dropped by 178,000 units, a clear indication demand is clearly outpacing production capacity.

The story is similar in long guns. Shipments increased by 167.7 percent to 166,000 firearms, yet inventory dropped by 30,000.