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Colt Goes Bankrupt after being Dropped by the U.S. Military

Started by DrRichP, June 17, 2015, 06:01:16 PM

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DrRichP

DrRichP

"You never know how far reaching something you think, say or do today will affect the lives of millions tomorrow" - B.J. Palmer
   Think about that as you go to work the next Appleseed!

"The secret of change is to focus all of your energy, not on fighting the old, but on building the new." Socrates

"Those who would give up essential liberty to purchase a little temporary safety deserve neither liberty nor safety."-Benjamin Franklin

"What makes an insurrection here always more formidable than in other places is that there is a law of this province wh[ich] obligates every inhabitant to be furnished with a firelock, bayonet, and pretty considerable quantity of ammunition."  - Gen. Lord Hugh Percy

sgtrock

Goes to show you, never put all your eggs in one basket, they never did have a good civilian relationship, if they had, well maybe they would be here. I carried a Mattel and it shot great back in the day.

viperrt1

Sad to see a legend go. But what do they make that 100 different other companies make in cheaper or better version.
Don't panic just aim.

FiremanBob

Serves them right. One of the worst-managed large businesses of the past thirty years.
Author of "The 10/22 Companion: How to Operate, Troubleshoot, Maintain and Improve Your Ruger 10/22"

"Remember constantly that a nation cannot long remain strong when each man in it is individually weak, and that neither social forms nor political schemes have yet been found that can make a people energetic by composing it of pusillanimous and soft citizens." - de Tocqueville

fepowered

I don't see Colt disappearing as a brand.  I believe that either they will restructure or someone will certainly purchase them.

QuoteColt may be changing hands but the gun-making business does not appear to be threatened by the bankruptcy proceedings.

In an official statement, restructuring Officer Keith Maib said, "Colt remains open for business." That's thanks to a pending $20 million loan to keep its Connecticut-based manufacturing operations going. Colt's future will depend on what happens next now that it's up for sale.
"Today, we need a nation of Riflemen, citizens who are not only prepared to take arms, but citizens who regard the preservation of freedom as the basic purpose of their daily life and who are
willing to consciously work and sacrifice for that freedom."

Janir

They failed to innovate and move in new directions.  Their one new rifle that can convert from 5.56 to .308 got panned because tney didn't make sure it could fire  accurately so it was a market dud.  Didn't help that the last bankruptcy protection they didn't take the effort to migrate out of Connecticut to someplace more business friendly.
"The Tree of Liberty must be refreshed from time to time with the blood of patriots and tyrants." -Thomas Jefferson

"Our forefathers gave us a better way to refresh the Tree of Liberty. If we give our blood and sweat now,  willingly, by using the political and social processes they secured for us with their lives, maybe our own Posterity will never have to unwillingly spill their blood and tears to re-secure their Liberty. " - Janir

2 clicks low

Does this make my Series 70 Gov't Mdl a collectors piece?   >:D
"Semper Fritos" 1st. Chicago Chairborne

PHenry

Quick and the dead. I do hate to think of American soldiers not carrying American-made rifles.  :wb:
Para ser Libre, un Hombre debe tener tres cosas. La Tierra, una Educacion, y un Fusil. Siempre, un Fusil!  Emiliano Zapata

fepowered

Quote from: PHenry on June 18, 2015, 05:09:00 PM
Quick and the dead. I do hate to think of American soldiers not carrying American-made rifles.

FN has been making some of the M16s for the .mil for over 2 decades
"Today, we need a nation of Riflemen, citizens who are not only prepared to take arms, but citizens who regard the preservation of freedom as the basic purpose of their daily life and who are
willing to consciously work and sacrifice for that freedom."

MostlyHarmless

Quote from: fepowered on June 18, 2015, 07:24:07 PM
FN has been making some of the M16s for the .mil for over 2 decades

...Made in America, by Americans, out of American made parts.
Of course, they also make the M4- if you consider that a rifle.
"Alas!! I spy a shooting bench and stool ahead in yonder treeline. Perhaps also there is a forefather with a rifle. I fear an ambush!"
-not overheard during the British retreat from Concord, Apr 19, 1775

RTB

As I understand it the bankruptcy is effecting Colt Defense; not Colt Manufacturing.
River Falls, WI 9/15/12 : Rifleman
River Falls, WI 4/19/13 : Rifleman
Orange Hat 9/13/13
IBC Bowler, WI 7/13/14 : Known Distance Rifleman
Red Hat 10/11/15
Shoot Boss 8/7/2016

KodyJaret

I heard a radio report , yesterday, that Colt will reorganize under bankruptcy protection.
Mismanagement, lack of innovation, ignoring the civilian market and the venality of  being owned by various 'private equity' firms ; a look down the rabbit hole :

http://www.bloomberg.com/bw/articles/2014-05-29/colts-curse-gunmakers-owners-have-led-it-to-crisis-after-crisis