/National Rifle Association files for Chapter 11 bankruptcy

National Rifle Association files for Chapter 11 bankruptcy

The company filed for bankruptcy protection in a Texas court Friday.

The National Rifle Association announced that it intends to restructure as a nonprofit based in Texas and has filed for Chapter 11 bankruptcy protections.

The NRA added that it has been incorporated in New York for approximately 150 years.

The move comes after the NRA was sued by New York Attorney General Letitia James last August in a bid to dissolve the group. The NRA has meanwhile filed a counter claim, calling the initial suit politically motivated.

“This strategic plan represents a pathway to opportunity, growth and progress,” NRA CEO Wayne LaPierre said in a statement. “Obviously, an important part of this plan is ‘dumping New York.’ The NRA is pursuing reincorporating in a state that values the contributions of the NRA, celebrates our law-abiding members, and will join us as a partner in upholding constitutional freedom. This is a transformational moment in the history of the NRA.”

This is a developing story. Please check back for updates.

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