Longtime firearms importer and marketer Michael Kassnar has closed the doors to KBI Products whose best-known brand, Charles Daly, should resurface under a new marketing company, according to a public letter Kassnar posted on the Internet.

“To all our friends, fans, supporters and consumers of Charles Daly and by extension, KBI products, I regret to inform you that the rumors of our demise are true. KBI is going out of business and closing its doors.

“I don't want to go into each and every detail as to why this has occurred, except to say that there have been a multitude of events over the past five years that have contributed to our current situation.

“For those of you with ongoing service requirements, please be advised that we are currently negotiating with several companies that will be performing after-sale service of Charles Daly, CD Defense and Jericho firearms. As soon as we have finalized a contract with one of these companies we will post the name, address and contact details of that company so you will know who to contact to obtain service on your KBI firearm.

“Again, I wish to thank all of you that have supported our company, this forum and Charles Daly these past 20 years. This spells the end of KBI but I imagine it will certainly not mean the end of Charles Daly and CD Defense. Look for this excellent brand to resurface in the very near future,” Kassnar said in his statement.

Kassnar told Gun Week that one reason for the closure was that he had entered the AR-15 market at the worst possible time, right when the buying surge ended. He said over $8 million worth of orders were cancelled as retailers suddenly cut back in the face of dried-up demand.

Charles Daly had only then introduced a series of CD Defense firearms of which an AR-15 was the main attraction. “The consumer just stopped buying,” Kassnar told Gun Week.

Kassnar has always been known for his forthright business dealings, and the Insider wishes him good luck in rebuilding the Charles Daly brand in a future enterprise.