Brand of the Day: Colt Defense
Welcome to Brand of the Day, where we pick the company making headlines for the day and explain five elements you need to know about what has happened for them to be in the news.
This weekend one of the most famous gun manufacturers in the world, Colt Defense, filed for bankruptcy amid delayed government sales and stagnating demand.
The move came on Sunday night after investors rejected an offer from the Connecticut based 179 year-old firearms manufacturer to address a $355m (£225m) debt and supply chain issues.
The company has been a leading gun manufacturer throughout the 20th century due to lucrative contracts with the US armed forces. It now looks likely to be bought by investment management firm, Sciens Capital Management.
Here’s more behind the business.
The company’s founder, Samuel Colt, was born in Connecticut in 1814 and is credited with inventing the first weapon capable of firing multiple times without reloading. Colt came up with the idea of a revolving cylinder pistol after a yearlong voyage at sea aboard the Corvo. While on the ship he became fascinated with the mechanics of the ships wheel which was capable of spinning or locking in a fixed position through the use of a clutch.
Colt Defense is responsible for one of the most legendary pistols in the world, the Colt.45. The first version of the gun was invented over 140 years ago.
The famous post-Civil War slogan refers to the famous gun manufacturer: ““Abe Lincoln may have freed all men, but Sam Colt made them equal”.
President Obama declared Samuel Colt’s 19th-century Connecticut gun factory a national park
The company previously filed for bankruptcy protection in 1992, emerging again two years later.