Colt seeks bankruptcy protection after being outgunned on sales - NorthJersey.com
Colt, the 179-year-old company whose pistol "won the West," has lost a 21st century battle over the American gun industry. After years of struggles, the iconic company filed for bankruptcy protection Sunday, leaving creditors to sort out $500 million in debt. The filing underscores the vicissitudes of the gun industry, as well as the company's production missteps. Colt Defense LLC said a sales bubble in 2013 contributed to its troubles today. Several high-profile shootings, including the massacre at Sandy Hook Elementary School in Connecticut, fueled gun sales as enthusiasts feared a regulatory backlash. While Colt isn't even within the Top 10 largest U. S. gun makers, its legend is outsized. Founder Samuel Colt patented an innovative revolver design in 1936 that made it easier to fire multiple shots before reloading. Colt, based in West Hartford, Connecticut, is used to near- death experiences. The company last filed for bankruptcy protection in 1992. Almost 150 years before that, within its first decade of existence, the gun maker almost failed after its products didn't catch on. The founder dug himself out by landing a defense contract... Source: www.northjersey.com
