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Post by avordvet on Jun 15, 2015 4:03:51 GMT -5
Bummer, guess they should've left CT with the rest of the gun mfg pack... but no, they decided to stay in a rabidly high-tax pro-union anti-second amendment state, so they're getting what they richly deserve. Colt Defense Files for Chapter 11By Dow Jones Business News, June 14, 2015, 09:15:00 PM EDT Gun maker Colt Defense LLC said late Sunday it is filing for chapter 11 bankruptcy-court protection, amid business- execution issues and a heavy debt burden. The company has secured $20 million in financing from its existing senior lenders to continue operating while in bankruptcy and expects to remain in business after the restructuring. www.nasdaq.com/article/colt-defense-files-for-chapter-11-20150614-00092
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Post by southwind on Jun 15, 2015 6:59:48 GMT -5
My dad left American Bosch to go work for Colt back in the late 60s. This is just a part of the de-industrialization of that area of New England. It has been going on for the past 50 years or better. It was once one of the most prosperous areas in the country.
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Post by avordvet on Jun 15, 2015 11:20:43 GMT -5
IMHO, what started Colt on the path to self-destruction, was that they got hooked into the northeastern gun restriction mentality and instead of staying competitive in the 'civilian' small arms market, they tried to make the military its primary sugar daddy, but in a world with a dwindling U.S. Military and MANY other competitors in that arena, they painted themselves into a corner.
I think the last major update to their AR line was the H-Bar back in the eighties, or at least thats when I stopped paying attention to their over priced weapons. Look at their line of AR's compared to Bushmaster and you can see the problem.
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