“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 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 . . .
Venerable name or not, the West Hartford, Connecticut company has a tough row to hoe if it’s going to work its way out of its second bankruptcy in a little over 20 years. No one will be too surprised if this time results in a liquidation and sale of the name to someone with a better track record of making firearms a still gun-hungry public wants to buy.