Photo by Staff Sgt. Corey Hook

Over the past weekend, Colt Defense announced that it was filing for Chapter 11 bankruptcy; a move that signaled how dire the legendary gun company’s situation really was. Their latest setback was the loss of an Army contract in 2013 to FN Manufacturing for the production of the M4 carbine. But Colt’s problems began well before that, and Colt must restructure itself to fit in a changing gun industry.

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