Colt Defense LLC is reportedly filing for Chapter 11 Bankruptcy Protection today.
An American business icon is in trouble. According to the Wall Street Journal, gun maker Colt Defense LLC is filing for chapter 11 bankruptcy protection on Monday, June 15. Colt was founded back in 1855 by Samuel Colt. The company made the gun that has been used in the Wild West and people around the world know from Western films.
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The Colt company has according to the report secured financing for the Chapter 11 phase to restructure. The financing comes from Sciens Management who already owns 87% of Colt Defense LLC.
Colt dominated the gun industry from the 1850 to World War I. In past decades the company struggled. One of the reasons was a grass root boycott of Colt Guns starting in 1998. The Colt CEO at the time, Ron Stewart called in an interview for a federal permit system with training and testing for gun ownership. This led to a massive pushback by gun stores and gun fans.
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The full history of the legendary Colt company can be read on Wikipedia.