“Gun maker Colt Defense LLC plans to file for chapter 11 bankruptcy protection by Monday (yesterday), 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 combination of years of indifference toward the civilian market combined and the gut-punch that was losing most of its military AR business have finally caught up to Colt . . .(WSJ)
A company with a long tradition, filing it’s second bankruptcy in a little over 20 years.
Back-in-the-day, when the standards battling for market share were largely Colt and Smith & Wesson, I always thought of Smith as the Chevy or Ford, and Colt as the Cadillac or Lincoln. A little nicer finish, perhaps, but way overpriced. Always wanted a Dick Special and a Python. Could never afford them. (I am fortunate to have a National Match upper for my 1911!)
And, what the WSJ says is true! Colt kept vying for the military market, and ignoring it’s civilian base. And the military market went elsewhere.
A Python and Detective Special in my future? Probably not.