Great Britain

NRA files for bankruptcy and seeks to incorporate in Texas

The National Rifle Association announced on Friday it has filed for bankruptcy. The nation’s most politically influential gun-rights group will now seek to incorporate in Texas instead of New York.

The announcement made on the NRA’s website came months after the New York state attorney general sued the organization over claims top executives illegally diverted tens of millions of dollars for lavish personal trips, no-show contracts for associates and other questionable expenditures.

The coronavirus pandemic has also upended the NRA, which last year laid off dozens of employees, canceled its national convention and scuttled fundraising.

The NRA claimed in announcing the move that it was “in its strongest financial condition in years”, as it filed for chapter 11 bankruptcy in a Dallas federal court.

“The move will enable long-term, sustainable growth and ensure the NRA’s continued success as the nation’s leading advocate for constitutional freedom – free from the toxic political environment of New York,” a statement said.

The gun-rights group has about 5 million members. Headquartered in Virginia, it was chartered as a non-profit in New York in 1871 and is incorporated in the state.

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