ILION, N.Y. - Remington, one of the largest U.S. makers of firearms, is reaching out to banks and investment funds to try to restructure its $950 million debt so it can operate in bankruptcy, according to a report by Reuters.

Remington had employed 1,300 people in Ilion in Herkimer County as recently as 2014, but a series of layoffs have lowered the number of workers to fewer than 1,000.

Guns sales have fallen sharply since Donald Trump's election as president. Trump has repeatedly spoken in support of the Second Amendment, easing concerns that many gun owners had during Barack Obama's presidency that the government was going to restrict gun sales.

Reuters reported that Remington is seeking debtor-in-possession financing to allow it to fund is operations once it files for bankruptcy.