Marlins Firearms Co. is closing its plant in Connecticut and all 265 employees will lose their jobs. The 140-year-old company said the facility will be closed by June 2011 and employees would be offered severance packages and assistance finding jobs.

A spokewoman for Remington Arms Co. Inc, which owns Marlin, told the Associated Press Marlin is relocating its manufacturing operations to an undetermined location. She cited a statement by parent company Freedom Group that said costs need to be cut in order to stay competitive.

“Although long term prospects of the business look positive, economic factors beyond Freedom Group’s control related to increasing costs and pricing pressures within the firearms industry are impacting the entire Freedom Group of companies,” the statement said.

According to the AP, Marlin was founded by John Marlin in 1870 in New Haven. The company claims its lever action 22 repeater was a favorite gun of Annie Oakley.