UPDATE: Note Legion Firearms, the subject of this blog post, is a different company to Legion Arms (AK parts retailer).
According to Soldier Systems Daily, Legion Firearms is having severe financial problems. They were unable to corroborate the trouble as they no longer in contact with Legion Firearms.
Legion Firearms posted this on their Facebook Status:
Many of you have been waiting patiently for Legion products and we want nothing more than to deliver them to each and everyone of you. Unfortunately the mayhem of 2013 cost us dearly. Last November we released a press statement explaining why we were so behind in our delivery schedule and what was happening at Legion Firearms. Here’s an excerpt from that press release:
After the tragedy in Connecticut the landscape of the market changed drastically. More people bought semi automatic weapons than ever before. Dealers couldn’t keep product on the shelf. It was a fever without cure.
“For those of us in the industry it created huge challenges over night. Parts we had expected early in 2013 became delayed. Small parts, Bolt Carrier Groups, triggers, all dried up. The larger manufacturers were able to increase supply for their direct customers, but small customers like Legion Firearms ended up at the back of the line. We simply couldn’t compete with the big guys who could place a PO for 200,000 BCG’s with ease. We did whatever we could to keep shipping rifles and pistols, but we were no where near able to meet demand.
To make matters worse, our barrel manufacturer suffered a huge blow as their facility was reclaimed by the government forcing them to move at the worst possible time. Orders we literally expected in January didn’t begin arriving until August. After hex fluting and cryo treating the barrels we discovered a new problem: they were not up to Legion’s accuracy standards. This was incredibly demoralizing for us and for many of our customers who had been waiting patiently, some as long as a year.
Some of our staff suffered physically from the stress and setbacks, and we lost team members we loved. Our communication with customers suffered as well, as did our relationships with vendors and creditors.”
While circumstances in the firearms industry have improved, and we were able to fix our supply chain issues, the setbacks we encountered cost us dearly. Both in real expenses and opportunity costs.
Operating expenses, staff and rent ate away at our cash reserves, and we have been unable to secure outside investors to move forward.
This last month has been the most difficult of all. Our bank has called in our note and ordered us to liquidate inventory. They hold a UCC lien on all or our assets, which means we are in dire financial trouble.
We’re hoping this isn’t the end for those of us that dared to dream of a better way to build guns. However, for us to keep operating and deliver our products we need to find outside capital. We are seeking anybody who can invest in Legion Firearms, or an individual or company who is interested in acquiring Legion Firearms. Short of that, we won’t survive. The last thing we want is failure to to deliver on our customers’ orders, so we’re hopeful we can find the capital to move forward.
We are open to any reasonable solution to solving our cash problems and keep Legion alive. So many of us have put literally everything we have into making this dream happen, and none of us want to see it end. If you or someone you know is interested and in acquiring Legion Firearms please contact [email protected] Help us STAY IN THE FIGHT™
In the interim we have only been able to answer limited phone calls and product requests. We’ll keep you updated as things progress, but it’s simply impossible for me to work on the sale of Legion Firearms, make a living, and answer everyone’s inquiries. I’m sorry we can’t do more. We will update everyone as things progress.
For those unfamiliar with Legion Firearms, they had some interesting products. Most notable was their hexagon fluted barrel.
They also made a sweet looking 1911.
It is unfortunate they are having problems. Hopefully they can resolve it.