WEST HARTFORD, Conn. (WTNH) – Connecticut-based Gunmaker Colt Defense LLC filed for bankruptcy on Sunday, Bloomberg Business reports.
The business news agency reports the gunmaker, which supplies M4 carbines and M16 rifles to the U.S. and foreign militaries, blamed a declining demand and delayed government sales for its need to file for Chapter 11 bankruptcy.
The West Hartford-based company listed $500 million in assets and up to $500 in debt in its bankruptcy filing.
The company was founded in 1855 by Samuel Colt and the revolvers it produced helped propel the firearms industry away from single-shot pistols. More recently, it was a supplier of the M4 carbine to the U.S. military.
Bloomberg Business contributed to this report.