Colt guns may have won the West. But they aren’t sufficient for winning modern wars, and now the iconic American weapons maker, which has been making arms since the 19th Century, has filed for bankruptcy.

In 2013, the Pentagon decided Colt’s M4 rifles weren’t up to snuff and awarded a key $77 million contract to supply the Army with rifles to F.N. Herstal, a weapons maker based in Belgium. The Belgian guns allow soldiers to fire continuously; the Colt weapon fires in three-round bursts.

Read the Remainder at FP HERE