You can only sell something designed in 1911 for so long!
Gun maker Colt files for Chapter 11 bankruptcy
No, this is just what happens when private equity firms buy a company, saddle it with debt, and suck out whatever cash they can. Even this is just a tactical move to buy a little time to suck out more cash. When there's no way left to extract anything worthwhile from it, they'll sell the name to a Chinese firm who will make cheap weapons and import them to the US, where they'll be sold for inflated prices. The wreckage of the actual company will be quietly disposed of.
that just pisses me off!
BASTARDS.
Read it and weep:
http://www.bloomberg.com/news/articles/2015-06-15/behind-colt-s-bankruptcy-financial-engineering-that-backfiredOf course, this is capitalism, so it's bound to happen once there is no one with the means and the desire to maintain an icon. Yes, the patents on the Model 1911 all expired, and now dozens of companies are making them, but by the time that happened, Colt hadn't just quit innovating in firearms, they were cutting product lines altogether. There was no one at the top of the company that gave a shit anymore, any employees who might have the will and wherewithal to band together and save the company Harley-Davidson-style or Fender-musical-instrument style were gone, and since there were superior products to be purchased from other manufacturers, there were no consumers that gave a shit either. So the private equity firms just kept raping the company nearly to death, which guaranteed there would be no white knights interested in riding to the rescue.
So, add Colt to the list of iconic dead American brands...along with Borders, Blockbuster, Circuit City, Polaroid, Howard Johnson's, Studebaker, GTE, and the list goes on and on.
