BREAKING NEWS: Colt to File Chapter 11 Bankruptcy

Good, fuck Colt. They've become stale. They've done nothing to stand out from the herd and/or justify their overpriced firearms. They've been getting by on their name for too long.

Colt seems to have a debt of 500 million.

Colt seems to have a debt of 500 million.

As overpriced as their guns are?
Ridiculous they can't stay solvent.

its no wonder. who buys colt when glock is all you need.

its no wonder. who buys colt when glock is all you need.

Gun maker Colt Defense LLC plans to file for chapter 11 bankruptcy protection by Monday, according to people familiar with the matter, amid business and accounting troubles.

The company has secured financing to continue operating while in bankruptcy and expects to remain in business after the restructuring, the people said.

The West Hartford, Conn.-based company, with a legacy dating to 17th century New England, developed a pistol it calls “the gun that won the West” and enjoyed a lucrative stretch in the late 1990s and early 2000s as the U.S. military’s sole supplier of the M4 line of firearms widely used by front-line troops.

But Colt has struggled in recent years with a slowdown in rifle sales and its 2013 loss of a key contract to supply the U.S. Army with the M4. The company has had accounting problems that caused it to revise prior years’ reported financial results and miss a creditor’s initial filing deadline for an annual report, according to regulatory filings.

Colt plans to try to reduce its debt burden via a court-supervised auction of its business, to generate proceeds to repay some of its lenders, the people familiar with the plans said.

[link to www.thefirearmblog.com]

Ruger on the other hand is a kick ass company. They make the finest auto loading .22 rifles and hand guns, the infamous mini 14, a bad ass single shot rifle, and formerly the autoloading .44 carbine which I'm on the hunt for.

Ruger kicks ass because they don't waste any money on R&D. They just wait for a competitor to come out with something sweet, then copy the shit out of it and put Ruger on it.

I do like my Rugers though, and my very first rifle was a stainless Mini-14.

its no wonder. who buys colt when glock is all you need.

That's probably one of the reasons they're having problems. For example, why buy a Colt 1911 when you can get a 1911 for half the price from another manufacturer? Colt needs to have some discount offerings to lure new buyers. Once you gain brand loyalty, that person is more likely to buy your more expensive offerings. Your average Joe doesn't want to spend 1 or 2 K on a gun - especially his first gun.