179 year gun makers enter bankruptcy
179 years and counting
Established by Samuel Colt in new England in the 1830's colt has had many ups and downs over the years. The company has filed for chapter 11 bankruptcy after amassing debts of around $355 million dollars. The legendary gun maker has inspired tv shows, films, rap songs and claimed to have "the gun that won the west"
Colt has had previous cash flow problems filing for the same bankruptcy in 1992 and emerging two years later. Chapter 11 bankruptcy means the gun maker has filed for a court-protection for their assets whilst they try to restructure the company and reorganise the debts, this means they will continue to trade as chief restructuring officer keith mabb has confirmed "colt remains open for business"
The gun maker did have military orders to fill but after losing a key contract in 2013 affected business according to the company less demand in the market for their sporting rifles and pistols along criticism such as being slow to keep up to date with the modern shooter has contributed to the problems.
Workers in head office in connecticut will have fresh job loss fears if the restructuring plan includes moving out of state which is a possibility.
Image below shown is taken from Guns & Ammo magazine June 1981 - how long will colts still be being made for?