Remington Files for Chapter 11 Reorganization

Remington Outdoor Company announced that Remington and its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Alabama.

Remington intends to conduct a competitive bidding process for the sale of some or all of its assets pursuant to Section 363 of the Bankruptcy Code.

The court’s protections during the Chapter 11 process will enable Remington to manage the sale process on an expedited basis while protecting the interests of its customers, employees and other stakeholders.

Remington has filed a motion to approve the use of cash collateral securing its existing Priority Term Loan. Subject to court approval, this cash collateral, combined with cash from operations, is expected to provide sufficient liquidity to support the company’s continuing business operations and to minimize any disruption during the sale process. The Company has also filed with the Court a series of customary motions seeking to continue operating its business and facilities. These “first day” motions include requests to continue to pay wages and provide benefits to employees as usual.

Court filings and other documents related to the Court-supervised process are available at https://cases.primeclerk.com/RemingtonOutdoor.

 

American Holoptics Takes Control of EOTech

Effective Aug. 3, 2020, American Holoptics LLC takes full control of EOTech, including the facility, brands, technology and all product lines. This move returns EOTech to private ownership.

American Holoptics is a subsidiary of Koucar Management, whose strategic acquisitions of Elite Defense and HEL Technologies represent a foundation of optical science and weapons systems distribution.

“We're laser-focused on taking care of our end users and industry partners," said American Holoptics President Ed Schoppman. "When you put EOTech, Elite Defense and HEL Technologies together, it creates a team that's tailor-made to serve our military, law enforcement agencies, and civilian customers all over the world. Personally, I've never seen such a talented group as the one coming to EOTech, and I'm fortunate to be a part of it. At the new EOTech, product performance, integrity, and most importantly true customer care will guide everything we do.”

 

Bass Pro Shops and Cabela’s Rewards Team With Bonuses

Bass Pro Shops and Cabela’s has issued companywide bonuses for its hourly front-line retail, distribution center and manufacturing plant team of $250, $500, $750 or $1,000 based on job role and seniority, representing a multimillion-dollar investment to reward its Outfitters and team members for their efforts.

Additionally, the company is raising nationwide starting wages in its distribution centers in an effort to continue attracting and rewarding the most passionate team members in the industry.

The company is actively hiring more than 5,000 team members to support Americans getting back to nature and spending time responsibly enjoying the great outdoors. With many traditional summer activities canceled or severely restricted, there is unprecedented interest in families and individuals returning to nature, where they can safely practice social distancing in activities like fishing, hunting, hiking, camping and boating.

Bass Pro Shops and Cabela’s has been nationally recognized for excellence as an employer and for its relentless commitment to its customers. Last year, reputation.com ranked the company as the third most-reputable major retailer in America. Forbes has also recognized Bass Pro Shops as one of America’s most respected companies and one of America’s best employers.

 

Fiocchi Announces Major Industrial Expansion in Arkansas

Fiocchi has announced plans for a significant investment in a new, independent manufacturing facility in Little Rock, Arkansas, to expand its U.S. and international operations.

The move is part of an ongoing strategic initiative by Fiocchi of America and the Italy-based Fiocchi Group.

Establishment of the new industrial platform follows Fiocchi's recent infrastructure and proprietary technology acquisitions — all of which are intended to significantly broaden the company's manufacturing capabilities in response to increased demand and projected growth trends.

The Little Rock initiative will operate in tandem with Fiocchi's long-established ammunition manufacturing facility in Ozark, Missouri. In addition to manufacturing ammunition for law enforcement, personal defense, target, training and hunting applications, Fiocchi is a leading manufacturer of cartridge components used around the world.

 

Ruger Reports Big Q2 Increases

Sturm, Ruger & Company, Inc., for the second quarter of 2020, reported net sales of $130.3 million and diluted earnings of $1.05 per share, compared with net sales of $96.3 million and diluted earnings of 35¢ per share in the second quarter of 2019.

For the six months ended June 27, 2020, net sales were $253.9 million and diluted earnings were $1.91 per share. For the corresponding period in 2019, net sales were $210.4 million and diluted earnings were $1.09 per share.

Its Board of Directors also declared two dividends: a quarterly dividend of 42¢ per share based on the results of the second quarter, and a special dividend of $5.00 per share.

Both dividends are for shareholders of record as of Aug. 14, 2020, and are payable on Aug. 28, 2020.

The Quarterly Report on Form 10-Q for the second quarter of 2020 is available on the SEC website at SEC.gov and the Ruger website at Ruger.com/corporate.

 

Andy Place Named New Sales Manager at Thorogood

Weinbrenner Shoe Company recently named Andy Place as outdoor sales manager for Thorogood. 

“When we were looking at candidates to manage our Outdoor sales division, the word ‘authentic’ became our overall driver,” said Todd Hanson, senior VP of sales and marketing for Thorogood. “Andy encompasses the word authentic; he lives and breathes the outdoors. We consider ourselves fortunate to have a man of this caliber setting the future of the outdoor division.” 

Place, an avid outdoorsman, started with Weinbrenner in July of 2020. He has an undergrad degree in special education and a masters in educational leadership. He’s been rifle and bow hunting in Wisconsin for over three decades, and has a passion for sharing his love of the outdoors with his family and friends. 

“I am excited to help grow Thorogood’s outdoor division. I believe we have some of the best, most cutting edge, outdoor footwear on the market today,” said Place.

For sales inquiries contact Andy Place aplace@weinbrennerusa.com or 715-897-3999.

 

Streamlight Shows Law Enforcement Support

Streamlight, Inc. has donated nearly $127,000 to Concerns of Police Survivors (C.O.P.S.), renewing the company’s support for the 21st year in a row. Streamlight’s donations over the years have helped to underwrite ongoing programs and activities for survivors of fallen officers.

In addition to sponsoring a variety of C.O.P.S. programs and events, each year Streamlight earmarks $1 from the sale of each Blue Nano Light to C.O.P.S. The keychain flashlight boasts a super bright white LED and a double-sided FOB that features the C.O.P.S. logo on one side and Streamlight’s logo on the other side. Streamlight also donates $2 from the sale of each Blue Siege AA lantern, featuring one white and two blue LEDs and the C.O.P.S. logo on its globe.

Today, more than 50 C.O.P.S. chapters nationwide provide resources to some 50,000 survivors, including immediate and extended families and co-workers of officers who have died in the line of duty. 

For more information about C.O.P.S., visit nationalcops.org.