Colt Defense, the famous American gun manufacturer, has officially filed for Chapter 11 bankruptcy protection.

The Connecticut-based company announced the move on Sunday. Colt, which has supplied the US military, law enforcement officers, and the gun-owning public with high-quality firearms for over a century (albeit under different names), aims to rapidly sell its assets in the United States and Canada.

“Colt’s current sponsor, Sciens Capital Management LLC (‘Sciens’), has agreed to act as a ‘stalking horse bidder’ and has proposed to purchase substantially all of Colt’s assets and assume secured liabilities and all liabilities related to existing agreements with employees, customers, vendors, and trade creditors,” stated a press release put out by the company detailing the filing.

The announcement of the bankruptcy is a blunt acknowledgment that Colt can no longer afford to pay its creditors, and must now undergo significant financial and corporate restructuring. The company’s money woes first made the news in late 2014, when it dodged a potential default and then announced that it may not be able to make a $10.9 million loan repayment later in 2015.

The company stated that the bankruptcy process, which it predicts will last 60 to 90 days, should not impact “customers, vendors, suppliers, and employees.”