Remington sells Marlin Firearms to Ruger during continuing bankruptcy proceedings.
As we get into the final few months of 2020, the big headlines just keep rolling through. In the latest big news from the world of firearms, Remington Arms has sold off Marlin Firearms to Sturm, Ruger and Company for $30 million.
The news broke late last week, and the sale was approved by bankruptcy court in Decatur, Alabama. The sale is expected to close in October.
Ruger wants to assure long-time Marlin fans that the brand isn't going anywhere, although production for Marlin products will now be shifted over to Ruger facilities.
"The value of Marlin and its 150-year legacy was too great of an opportunity to pass up," Ruger CEO and President Chris Killoy said in a short press release on the Ruger website.
The company made it clear that Ruger is only buying Marlin Firearms and their assets, no Remington names, or real estate are changing hands in this deal. The Marlin name is known primarily for their lever-action centerfire firearms and their popular rimfire offerings.
The news of this sale comes only a few months after Remington announced they were filing for chapter 11 bankruptcy at the end of July. This was the second time in five years Remington has filed for bankruptcy protections. The main issues leading to the filing was the company dealing with both high interest costs and a lengthy, costly lawsuit with families of the Sandy Hook Elementary school shootings.
Remington has notably struggled despite the National Shooting Sports Foundation reporting a record surge in sales of firearms and ammunition since the start of the coronavirus pandemic earlier this year. At one point, Remington was looking for a buyer for the whole company. Fox News reported back in July they were close to a deal with Navajo Nation. However, talks fell apart before a sale could be finalized.
Ruger says that more information on the acquisition will be made available as it comes in. However, it appears that the brand will be here to stay, just under a new parent company name.
"The important thing for consumers, retailers and distributors to know at this point in time is that the Marlin brand and its great products will live on," Killoy said in the press release. "Long live the lever gun."
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