Colt said it initiated the voluntary chapter 11 filing after creditors rejected an appeal to restructure its debt. NEW YORK—Colt Defense, the 179-year-old creator of the legendary gun that won the West, announced Monday that it filed for bankruptcy due to weak popular sales and government orders.
Is Colt Armory still in business?
Latest Business Colt Defense, with its headquarters and factory in West Hartford, is the operating company formed by the 2013 merger of Colt Defense LLC and Colts ManufIt exited bankruptcy in January 2016 after working out a compromise with bondholders.
Why are Colt pistols out of stock?
In a statement posted on the companys website Thursday, CEO Dennis Veilleux explained that it was stopping production of civilian sporting rifles due to significant excess manufacturing capacity in that market and low consumer demand for Colts products. Its website lists all rifles as out of stock.
Do you really need an AR-15?
It fires rounds at three times the speed of a handgun because the AR-15 rifle was designed to kill people. And like other machines, it has evolved to do its job quickly and effectively. My fellow veterans who own high-velocity rifles like the AR-15, you do not need them. If you want to protect your home, buy a shotgun.
Is 2 steel shot good for home defense?
#2 steel shot is a good overall choice for large birds, medium-sized mammals and home defense. The less dense and environmentally safer steel is quite popular, with the only downside being the loss of penetration with steel due to lead being heavier.