I know Colt Firearms is in trouble. Can you elaborate on the current status of this American Firearms Manufacturer Icon?
Thank you Ed Hurley (Twitter, @sellingoutusa).
Colt Exhibition at the 144th NRA Convention ....
Answer :
Colt Firearms has filed for bankruptcy. Colt has been in financial trouble several times over the past 30 years but someone has always come along and bailed them out.
This time, however, Colt may go under and fade away as one of the real American Firearms Manufacturer.
In June 2015 Colt filed for Chapter 11 in U.S. Bankruptcy Court, the outcome is not decided but the results are grim. Colt had its boom years in the 60s manufacturing weapons for the Vietnam War. Colt's Defense Headquarters in Hartford Connecticut where the famous AR15/M4 Assault Rifle is manufactured lost its decade long contract with the DoD in 2012 and production for the military ended in 2013 out bid by FNH and Remington.
Colt has had a history of financial problems and The Wall Street Journal is reporting Colt has a debt of 355 Million U.S. Dollars and is defaulting to its bond holders. Colt says, it has an agreement with the Sciens Capital Management to acquire the company including all debts, assets, and obligations subject to court approval. Colt is hoping for a buyout and conclusion within 90 days. Bloomberg claims Colt was not prepared for a surge in buying of weapons by the American consumer from Obama's threat of a crackdown in 2008 on firearms and gun control. While other manufacturers such as Glock were prepared and had a surge in handgun sales, Colt left the American gun buyer with a limited selection of firearms. Colt makes the famous Model 1911, 45 acp semi auto handgun, popular among gun buyers, and an icon of military users dating back to early 1900s.
Colt has a long history of bad decisions about its firearms. One of them was selling the patent rights to Colts Cowboy Guns to Uberti back in the 60s. Uberti of Italy capitalized on this and still produces Colt clones in a variety of models. Colt retained the right to make Colt Cowboy Revolvers but they are pricy and the quality has deteriorated over the years making Ruger the best choice for a Cowboy Revolver by Cowboy Shooters.
Samuel Colt, founder and creator, is probably rolling over in his grave. Samuel Colt opened his plant at Paterson, NJ back in 1836 and was a big producer and supplier of firearms for the Civil War on both sides.
Many famous people have owned Colt Revolvers like Buffalo Bill Cody, Wyatt Earp, Doc Holiday, George Patton, and Al Capone.
The Famous Colt Peacemaker Revolver ...
Summation:
My Opinion and Commentary -
Colt through repeated bad business decisions and corporate greed have brought there own problems and demise upon themselves. Colt since the 1980s has been run by Wall Street Bankers and Lawyers none of which have a clue about the manufacturing of weapons and the needs of the American Gun Owner. Their quality has deteriorated and there prices are NOT competitive.
The Vietnam AR M-16 Rifle had constant jamming issues. It still jams to this day. I for one never carried either the M14 or M16. I did, however, carry the Colt Model 1911 45 acp and had no complaints. Today the Colt 1911 has had issues and were recalled.
See this LINK at the Firearms Forum Site at:
Model 1911 Posted Topic at Firearms Forum: The Colt Model 1911 Recall Notice -
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