"Colt Defense LLC announced Sunday night that the 179-year-old company is filing for bankruptcy.
The firearms company filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court in Wilmington, Del., and Colt officials say they plan to restructure financially during this time. This process, according to a press release on Colt’s website, will allow for the “accelerated sale” of the company’s business operations in the U.S. and Canada."
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