NRA declares bankruptcy, plans to incorporate in Texas

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AUSTIN, Texas (AP) – The National Rifle Association announced Friday that it has filed for bankruptcy and will seek to incorporate the nation’s most influential gun rights group in Texas instead of New York.

The announcement made on the site The NRA’s web comes months after the New York Attorney General filed a lawsuit against the organization over allegations that senior executives illegally embezzled tens of millions of dollars for lavish personal travel, contracts no-shows for associates and other questionable expenses.

The coronavirus pandemic has also shocked the NRA, which last year laid off dozens of employees, canceled its national convention and scuttled fundraising. However, the NRA claimed in announcing the decision that the organization was “in its best financial position in years”.

The NRA said it filed for Chapter 11 bankruptcy in federal court in Dallas.

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

The gun rights group has approximately 5 million members. Although its headquarters are in Virginia, the NRA was licensed as a nonprofit organization in New York City in 1871 and is incorporated in the state.

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