NFOA MEMBERS FORUM
General Categories => Newsworthy => Topic started by: zofoman on June 15, 2015, 10:39:58 PM
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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 (http://www.msn.com/en-us/money/companies/gun-maker-colt-files-for-chapter-11-bankruptcy-protection/ar-BBl9xhf?ocid=ansFortune11)
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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...
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I believe they were recombined in 2013, but I could be wrong.
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Keep in mind that this is Chapter 11 not Chapter 7 so they are just reorganizing to reduce debt, not liquidating the company.
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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.
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Colt's CEO supported some foolish gun laws in the late 1990s - I'm afraid that just isn't too smart if you want to sell guns. Just one of a number of poor decisions through the last couple of decades. Bound to catch up to them at some time.