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The group said they plan to leave New York and reincorporate as a nonprofit in Texas, in a movement they call “Project Freedom.”
The NRA said it was in its “best financial position in years”, but the restructuring will help “streamline costs and expenses”.
The Chapter 11 announcement follows management reshuffles and allegations of financial mismanagement by the NRA in recent years.
New York Attorney General Letitia James filed a lawsuit last summer, accusing senior NRA leadership of violating laws governing nonprofit groups and using millions of dollars of reserves from organization for personal gain and tax evasion. James responded to the news of the group’s bankruptcy on Friday, saying: “The financial status claimed by the NRA has finally reached its moral status: bankrupt.”
This story is developing.
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