Colt doesn't even make revolvers other than the SAA any more, do they? And they're nice as far as I know but for the money Ruger pretty much owns that market. And for pistols it's pretty much just the 1911, right? Nothing wrong with 1911's either but pretty much EVERYBODY'S got a 1911 (or 3) in their lineup so that's a tough place to make your living even if you are Colt.
Scuttlebutt though it may be I've heard rumors that union issues have been plaguing Colt for some time. Moving out and starting over out from under some of the financial burdens might be in the works.