Founded in 1816, the privately held maker of rifles, pistols, shotguns and ammunition listed assets of $100 million to $500 million, according to its filing in U.S. Bankruptcy Court in the Northern District of Alabama. It put its liabilities in the same range, and said it had from 1,000 to 5,000 creditors.
It said it owes its two largest creditors — munitions company St. Marks Powder and Eco-Bat Indiana, a lead producer and recycler — $3.5 million combined. It also lists the states of Alabama, Arkansas and Missouri, and the city of Huntsville, Ala., as creditors with undetermined claims after taking development incentives in each jurisdiction.
“They’re in financial straits. They’ve got one foot in the grave and one foot on a banana peel,” said Richard Barber, a conservator of Remington internal records. His son was killed in 2000 by a malfunctioning Remington rifle, and he’s spent the past 20 years gathering millions of pages of company documents on its product designs and finances.
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