In a memo to employees on Tuesday, the CEO of Remington Arms explained yesterday's bankruptcy filing and said the company will most likely go up for auction in September.
The rumors about Remington Arms filing for bankruptcy again are true. On Monday, America's oldest gunmaker filed a Chapter 11 petition in U.S. Bankruptcy Court in Alabama for the second time since 2018.
According to employees at Remington Arms Company in Ilion, an unscheduled furlough is going into effect following scheduled shifts this Friday, July 17th.
Employees of Remington Arms in Ilion learned today that many of them will be furloughed through most of the summer, beginning on Monday, according to a source. The announcement, which came during a company-wide meeting on Tuesday afternoon, also warned employees that another furlough could come in November, if the market doesn't pick up.