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Colt goes into Chapter 11 Bankruptcy
Posted: Tue Jun 16, 2015 2:31 pm
by Niner
They plan to do a GM it looks like. Glad I'm not a stock holder. Part of the problem was that other companies undercut their prices on the black gun market and the Army stopped buying their rifles.
http://www.usatoday.com/story/money/bus ... /71228058/
Re: Colt goes into Chapter 11 Bankruptcy
Posted: Wed Jun 17, 2015 2:14 pm
by rice paddy daddy
Those reasons plus Connecticut's heavy business regulation and taxation, and the excessive labor cost.
Most, if not all, of the other firearm manufacturers have left for other states. I seem to remember reading when Winchester moved out in 2006 that they hadn't had a profitable year since WWII.
I like Colt products, I have a few. I hope they can restructure somewhere in the South where business is seen as a good thing. Maybe South Carolina or Tennessee.