:'(
Read all about it here: http://www.thedailybeast.com/articles/2015/06/17/dropped-by-the-u-s-military-colt-goes-bankrupt.html
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.
Sad to see a legend go. But what do they make that 100 different other companies make in cheaper or better version.
Serves them right. One of the worst-managed large businesses of the past thirty years.
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.
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.
Does this make my Series 70 Gov't Mdl a collectors piece? >:D
Quick and the dead. I do hate to think of American soldiers not carrying American-made rifles. :wb:
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
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.
As I understand it the bankruptcy is effecting Colt Defense; not Colt Manufacturing.
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