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Colt filing for bankruptcy as sales slide
Facing declining sales and more competition for defense contracts,
iconic gun maker Colt said late Sunday it would have to file for
bankruptcy protection to stay afloat.
The company says fewer people are buying its rifles and handguns and
that it's having issues with its government contracts. Colt lost money
last year as its revenue slid by almost a third, making it difficult to
keep up with its bills, the company said.
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Last updated 20240727
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