The National Rifle Association announced Friday that it has filed for bankruptcy.
The gun-rights group said its bankruptcy is a part of a larger restructuring plan aimed at moving to Texas after the state of New York sought to dissolve the organization for alleged financial misdealings. LaPierre added that there will be “no major changes are expected to the NRA’s operations or workforce” as a result of the bankruptcy and impending move. He also claimed the organization is “as financially strong as we have been in years.”
Last year, New York Attorney General Letitia James announced that she was suing to dissolve the NRA for misappropriating funds and breaking multiple state and federal laws. Due to improper income tax withholdings and wage reporting, the organization lost over $64 million in three years. In addition to dissolving the organization, James is asking the court to require every executive named in the suit to pay full restitution.
NEW: The NRA is filing for bankruptcy and moving to Texas in a major restructuring pic.twitter.com/vw6VW4ehyT
— Ethan Kraft (@ethan_kraft) January 15, 2021