Remington Arms, the gun maker founded in Herkimer County over two centuries ago, filed for Chapter 11 bankruptcy Tuesday. It is the second time in two years the firearm manufacturer has sought bankruptcy protection. 

Remington's sales have slumped as some retail chains have begun to place restrictions on gun sales or remove them from stores entirely.

A spokesperson says a Warn Notice has been sent to employees, cautioning them of potential future termination.

The company has also faced lawsuits arising from the Sandy Hook massacre. A Remington semi-automatic was used in the school shooting.

Company officials listed both assets and liabilities between $100 and $500 million.