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Colt files for Chapter 11 bankruptcy

Discussion in 'General Firearm Discussion' started by donaldc, Jun 14, 2015.

  1. donaldc

    donaldc Seattle Active Member

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    Hopefully this isn't a re-post, but I just saw this on Wall Street Journal. Sad to see this happen to such a legendary gun maker.

    Colt Defense to File for Chapter 11 Bankruptcy Protection by Monday
    http://on.wsj.com/1GmG3Z3
     
    YOURSUPREMECOMMANDER likes this.
  2. shibbershabber

    shibbershabber Vancouver Well-Known Member

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    Can't say I'm surprised. Colt, IMO, is/was the GM of the gun industry.

    They failed to keep pace with the demands of the market, no doubt they produce a quality weapon, but in the end the AR & 1911 market is so saturated that they didn't have a chance.

    Having used their AR rifles and 1911s, I can't say that I would purchase one new when I felt the SA pistols were every bit as good, but hundreds less.
    Same with the AR, my mismatched upper/lower no-name rifle was as reliable and accurate as any Colt... Again hundreds less, at minimum.

    I can't speak to the revolvers as they were so far out of the average mans price range that I wouldn't even pick one up. But I doubt they were worth all that much more than a SW or Ruger.

    They failed to diversify their lineup, failed to add new products, their advertising sucked... The only new thing I'd seen from them was that they sold out their name, putting it on a line of cheap Chinese knives.

    I'm sure the Colt brand wont go away and I hope quality doesn't suffer going forward, but the current leadership needs to disappear.
     
  3. Flopsweat

    Flopsweat Slightly right of center Well-Known Member

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    Live by the government contract, die by the government contract. I'll miss them if the totally go away, but they may not. Poor management like shibbershabber said.
     
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  4. shibbershabber

    shibbershabber Vancouver Well-Known Member

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    Must be complacency.

    It doesn't take a 7 figure contract and an Ivy League MBA to read the gun market and to realize what the name is worth.

    If they put out a peacemaker and priced it 10-15% over what Ruger sold the Vaquero for.... They'd have a huge chunk of that market.
    If they ran a line if 1911s in the $7-900 range... And marketed it well... They'd be booming.

    Afterall these were Colts inventions! Who wouldn't pay just a little more for the Colt over the Ruger or Kimber... Just to have 'the real things???

    It kills me to see an American classic being squandered by corporate stooges who probably dont even own a gun.

    I live and breathe guns, but I dont think I could tell you what is even in their current lineup?

    Sad.
     
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  5. Sstrand

    Sstrand La Grande OR Well-Known Member

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    I don't feel too bad about their situation . . . The value of my Python should skyrocket!!

    Sheldon
     
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  6. edslhead

    edslhead Vanc Gold Supporter Gold Supporter Silver Supporter Bronze Supporter

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    "the GM of the gun industry"

    Then we should bail them out. You know who will get right on that.
     
  7. Pandaz3

    Pandaz3 Cornelius, Oregon NRA Lifetime Member Platinum Supporter Gold Supporter Bronze Supporter

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  8. Pandaz3

    Pandaz3 Cornelius, Oregon NRA Lifetime Member Platinum Supporter Gold Supporter Bronze Supporter

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    Just pointing out it is "Colt Defense" that is failing, Colt will stick around mostly owned by Massachusetts, the most gun loving state in the entire Union! Interesting!
     
  9. CHLChris

    CHLChris Portland Metro East Love me some guns! Bronze Supporter

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    Now for Remington...

    Both Colt and Remington have been the leaders in innovation and customer service, right? No? Then even though they are both legacy companies with great history, they deserve to go away and make room for the newest bunch.
     
  10. jrprich

    jrprich PNW Well-Known Member

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    Looks like this is a reorganization of debt relating to the last agreement with their creditors. Nobody is going anywhere, nobody is losing their Job. I have also read that Colt is hiring. While not good news, Colt has survived many such situations in their history.
    Time will tell.
     
  11. jrprich

    jrprich PNW Well-Known Member

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    Did you note that this was Published: March 20, 1992
     
  12. shibbershabber

    shibbershabber Vancouver Well-Known Member

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    Time will tell...

    The question is whether or not any lessons have been learned.

    Can Colt regain relevance or will they become a memory in the history books????
     
  13. mrblond

    mrblond Salem OR Well-Known Member

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    I dont know what contracts it even still has with the .gov anymore. I know they lost a big part of the M4 contract to FN which seems to be making alot of our soldiers weapons these days.
     
  14. Pandaz3

    Pandaz3 Cornelius, Oregon NRA Lifetime Member Platinum Supporter Gold Supporter Bronze Supporter

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    No I did not..... Ooops

    But here is a new one with a nicer picture
     
  15. Sgt Nambu

    Sgt Nambu Oregon Bronze Supporter Bronze Supporter

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    Eh! Love the older Colts that I own, especially the H-BAR! But I bought an AR-15 yesterday, a Smith and Wesson! I guess that someone's doing it right, and it's not Colt!

    By the by! :s0013:
     
  16. CHLChris

    CHLChris Portland Metro East Love me some guns! Bronze Supporter

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    I saw June 14, 2015 as the date. Where did you see 1992?
     
  17. jrprich

    jrprich PNW Well-Known Member

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    When I clicked on your link at the top of the article it says:
    Colt's in Bankruptcy Court Filing
    By ADAM BRYANT
    Published: March 20, 1992

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    The Colt's Manufacturing Company, whose long and rich history of gun making includes the Colt .45 revolver credited with winning the West, said yesterday that it had filed for bankruptcy court protection.
     
  18. jrprich

    jrprich PNW Well-Known Member

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    I think the only one left is for the Marine's Colt
    CQBP - Close Quarters Battle Pistol
     
  19. hker71

    hker71 Portland Metro Area Active Member

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    I am a die hard Colt guy, but I think they did it to themselves. They don't seem to care one rats you know what for the civilian market. They dream of the big military contracts of the past. They have the manufacturing capacity, but don't seem to know how to use it properly because everything seems to be a limited run.

    I also wish they would run the Pythons again. I could use one to go with all my Smiths. :)
     
    Last edited: Jun 15, 2015
  20. Sgt Nambu

    Sgt Nambu Oregon Bronze Supporter Bronze Supporter

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    I love the old "Snake Guns," but I doubt that Colt could produce that level of quality ever again!
     
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