Remington Rejects Navajo Nation Bid
Remington management has rejected an offer by the Navajo Nation to purchase the company.
According to The New York Times, in May the Navajo Nation submitted a cash bid between $475 and $525 million to purchase the legendary gun manufacturer which was reorganizing under Chapter 11 bankruptcy.
The tribe was planning to alter the consumer business model of the company considerably and focus on sales to law enforcement and Department of Defense in hopes of creating large manufacturing contracts that would help reduce unemployment on the reservation.
The Navajo Nation was also hoping to direct revenue from sales into creating so-called “smart guns” that can only be fired by their owners.