One of the oldest firearm manufacturers in the United States, and a Herkimer County staple has filed for bankruptcy. The Remington Outdoor Company Inc. announced the decision to file for Chapter 11 bankruptcy day.  

It's evident that Remington has been in the planning stages for this move for the past few months.

The company has suffered from declining sales and a damaged reputation in the wake of shooting incidents across the country.

The company announced the decision to file for bankruptcy Sunday, according to court documents.

The case was filed in the U.S. Bankruptcy District Court of Delaware.

The company was considering the move to file after it began reaching out to banks and creditors -- reportedly owing $950 million.

Remington Arms is one of the largest U.S. makers of firearms and was founded in Ilion more than 200 years ago.

In 2014, about 1,300 people worked at the facility in Herkimer County, but a series of layoffs have brought that number down to 800 to 900 people.

Remington's Ilion plant does plan to stay in business while the company's debt is restructured.