General Categories > Newsworthy
Colt files for Chapter 11 Bankruptcy protection
zofoman:
Colt Defense LLC, maker of firearms from the legendary Peacemaker pistol to the M4 rifle used by today’s U.S. Army, said late Sunday it’s filing for Chapter 11 bankruptcy protection, two years after losing a key Army contract for the M4.
http://www.msn.com/en-us/money/companies/gun-maker-colt-files-for-chapter-11-bankruptcy-protection/ar-BBl9xhf?ocid=ansFortune11
rudy:
This is disappointing, to say the least. Does anyone know if colt defense (military and law enforcement sales) is still separate from colt's manufacturing LLC (civilian market)? I was hoping to send my commander off to colt someday for some custom work, not sure if that will happen now...
Husker_Fan:
I believe they were recombined in 2013, but I could be wrong.
Sent from my iPhone using Tapatalk
Mali:
Keep in mind that this is Chapter 11 not Chapter 7 so they are just reorganizing to reduce debt, not liquidating the company.
depserv:
Colt going bankrupt during a period of massive gun buying, with its signature product, the AR15, the most popular rifle being sold, is like a big name potato chip company in Colorado going broke after pot was legalized.
Colt became a dinosaur. It tried to be politically correct by marketing mostly to government, and became dependent on that one big customer. It's high-paid executives made stupid decisions, and caused the company to fail. So this failure is as it should be. Hopefully the reorganization will leave them with a leadership made up of competent and loyal Americans who will lead it in the right direction.
Navigation
[0] Message Index
[#] Next page
Go to full version