The National Rifle Association (NRA) has announced it has filed for bankruptcy and will plan to incorporate the most politically influential gun-rights group of the nation in Texas and not New York.
The announcement was made on the website of NRA and it came months after the Attorney General of New York sued the organization over allegations of illegal diversion of tens of millions of dollars for lavish personal trips by top executives, no-show contracts for associates and other unclear expenditures.
The coronavirus pandemic has also affected the NRA, which lplaid off dozens of employees, cancelled its national convention and scuttled fundraising last year. Despite that, the NRA while announcing the move claimed that the organization was in its best financial condition in years.
The organization disclosed it filed for Chapter 11 bankruptcy in a Dallas federal court.
In a statement, the NRA said the move will give room for long-term, sustainable growth and ensure the continued success of the organisation as the nations leading advocate for constitutional freedom free from the harmful political environment of New York.