Legendary Colt Gun Maker Files For Bankruptcy Protection

Posted: Jun 15 2015, 12:46am CDT | by , in News | Latest Business News

 

This story may contain affiliate links.

Legendary Colt Gun Maker Files for Bankruptcy Protection
A replica model of an 1851 Colt Navy revolver with a squareback trigger guard, .36 caliber and 7.5 inch long barrel. It was this revolver that Samuel Colt's company became famous for. Photo Credit: Getty Images

Don't Miss: This How to find Fingerlings in Stock

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.

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.

The full history of the legendary Colt company can be read on Wikipedia.

Holiday Gift Guides and Deals

Get your Holiday gifting inspired by Best Toy Gifts with High STEM Value and the Top 10 toy gifts under $10 if you are on budget. The most popular Holiday 2017 toy list include Fingerlings, Crate Creatures and more. Don't miss the new Holiday deals on Amazon Devices, including $29.99 Fire tablet.

This story may contain affiliate links.

This free App Solves You Holiday Shopping Problem


Download the free Tracker app now to get in-stock alerts on Fingerling, Luvabella, SNES Classic and more.

Latest News

Comments

The Author

<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Luigi Lugmayr () is the founding chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com.

 

 

Advertisement

comments powered by Disqus