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BREAKING: Colt Lays Off Custom Shop Director, Other Employees, Company Rumored Gutted

Discussion in 'Firearms' started by Scorpio, Mar 9, 2017.



  1. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    BREAKING: Colt Lays Off Custom Shop Director, Other Employees,
    Company Rumored Gutted

    Nathaniel F.

    [​IMG]

    What is happening at Colt? That’s the question on many people’s minds as news of layoffs in the company began to trickle out starting on Tuesday. Rumors of massive layoffs at Colt began with a post at Pistol-Forum by member “misanthropist”, who wrote:

    Sounds like a big mess down there and a whole lot of pink slips, including my favourite division, the custom shop.

    The extent of the layoffs are not yet known, but it has been confirmed that Brent Turchi, director of Colt Customer Service and the Colt Custom Shop, was let go. Brent posted the following at 1911forum.com:

    I am alive and well just no longer with Colt. I will continue to be a member of this forum and interact as I see appropriate. I will also tell the forum when and where I land. I have and will continue to enjoy this forum and its members. All thoughts are appreciated.
    Brent

    Whether this is a handful of layoffs or a gutting of the company is yet unknown, but according to misanthrope, things are not looking good. He posted that Colt Canada had reportedly been gutted, and the Colt Advanced Systems division and the Custom Shop virtually shut down entirely:

    Sorry guys I don’t think there’s any information I can link to.

    My understanding is that Advanced Systems is shut down entirely, as is the Custom Shop. Colt Canada will be stripped down to little more than the C8 production line and the extraneous people just had their jobs eliminated. The SWORD and MRR programs sound like they’re shelved. From the sounds of things, a lot of job losses.

    That’s what I am hearing, anyway.

    Colt has been trying to make its way back to normalcy, after bankruptcy rocked the company in 2015. The company debuted its newly reintroduced Cobra revolver at the 2017 SHOT Show, a firearm developed in part due to the efforts of the Custom Shop. The Custom Shop also helped debug the Defender compact 1911 variant.

    There is a lot of speculation that with the election and lack of contracts, Colt simply doesn’t have enough money to continue operating these divisions. Shutting them down, however, would burn a significant amount of goodwill that Colt has built over the years with its customer base, which might make recovery even harder for the Hartford company.

    We will keep our readers updated as things unfold.

    [​IMG]





    Nathaniel is a history enthusiast and firearms hobbyist whose primary interest lies in military small arms technological developments beginning with the smokeless powder era. In addition to contributing to The Firearm Blog, he runs 196,800 Revolutions Per Minute, a blog devoted to modern small arms design and theory. He is also the author of the original web serial Heartblood, which is being updated and edited regularly. He can be reached via email at [email protected]





    www.thefirearmblog.com

    http://www.silverbearcafe.com/private/03.17/colt.html
     
  2. JayDubya

    JayDubya Gold Chaser Platinum Bling

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    that's a damn shame...
     
  3. ttazzman

    ttazzman Midas Member Midas Member Site Supporter

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    over-hyped but it will drive existing Colt prices up....:)

    truth is all through the gun industry times are slow necessitating layoffs in most gun producers.....meaning more competition for a smaller pie.......Colt however is at a disadvantage competitionwise.....as while they can layoff some workers they cant lay off ....DEBT/debt service (200m est) ...buildings..fixed overhead etc.....so this will put considerable pressure on a company trying to find their nich ongoing....i do think while the company might fold or be absorbed over time the name will endure as it is one of their most valuable assets.....
     
    searcher, oldgaranddad and Scorpio like this.
  4. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    yeah, it doesn't help that a non-gun guy bought the place some time ago,

    saw it as a manuf play and did not, nor can not appreciate the true meaning of the US gun owner and the name COLT

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    Colt’s unlikely rescuer materialized in the person of Donald Zilkha, scion of a wealthy Manhattan family of Iraqi immigrant bankers. Zilkha’s parents, Ezra and Cecile, hosted galas for the Metropolitan Opera. Ezra confessed in his 1999 memoir, From Baghdad to Boardrooms, that until Donald was 13, he was dressed each morning by a governess nicknamed “Nursie.” The Zilkhas were not “gun people.”

    By the 1990s, Donald, then in his 40s and working at the family investment firm Zilkha & Co., yearned to emerge from his father’s shadow. He did just that by buying Colt’s Manufacturing in 1994 for the fire sale price of $27 million, plus assumption of liabilities. The media suddenly cared what the younger Zilkha had to say. Colt, he told the Hartford Courant, “has been neglected for so long.” He would save it by means of austerity. Assuming the post of chairman, he consolidated from its original, onion dome-topped facility to the more efficient, if more prosaic, plant in West Hartford. At a company that employed 15,000 at its peak in World War II, Zilkha slashed the workforce by a third, to 600. He brought in as chief executive officer a former auto industry executive.

    Zilkha may not have known anything about guns, but he had ambitious plans to use Colt as a vehicle for rolling up other small-arms manufacturers. “This is an industry in dire need of consolidation,” he told the Wall Street Journal in 1997. He set his sights on FN Herstal, the company that nine years earlier had taken away Colt’s M16 contract with the Pentagon. Acquiring the Belgian company, he told the Journal, “would create a dominant firearms manufacturer worldwide.”

    https://www.bloomberg.com/news/arti...ers-owners-have-led-it-to-crisis-after-crisis
     
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