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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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