Well they haven't gotten with the times at all. Dwindling military contracts, ignoring civilian trends (smaller CC handguns), keeping their firearms overpriced in a market where they should be a couple hundred cheaper, heavy union fees, failing service, etc, etc. Let bankruptcy restructure the company from management on down.
Hopefully an American company or group buys it as it would be a bad thing to see any other country after Made in... on a Colt with its heritage.