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Tuesday, June 16, 2015

Colt filed for bankruptcy!

Firearms manufactured and sold by Colt. COLT BROCHURE SCREENGRAB

Colt Defense, the 179-year-old creator of the legendary “gun that won the West”, announced that it filed for bankruptcy due to weak popular sales and government orders. 

Colt dates back to 1836, when American inventor and industrialist from Hartford, Connecticut Samuel Colt revolutionized the firearms world by creating the first revolver. He founded Colt's Patent Fire-Arms Manufacturing Company (which became Colt's Manufacturing Company and now known as Colt Defense), and made the mass-production of the revolver commercially viable for the first time. The Colt company through those entities and its current structure, has supplied small arms weapons systems to the United States Government and other governments throughout the world since the Mexican-American War of 1847.

Samuel Colt makes the first production-model revolver, the .34-caliber.

Colt, which makes recreational guns as well as the M4 and M16 military rifles, warned bondholders in April  of “increasing liquidity challenges" as a result of several recent business trends which included a drop in demand for Colt handguns and delays in US government foreign military sales. 

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