The National Rifle Association (NRA) of America filed for bankruptcy and plans to exit the State of New York, where it was founded in 1871.
The NRA stated that it is leaving New York because of its “corrupt political and regulatory environment.”
The country’s largest and most influential gun rights advocacy group said it will restructure itself as a nonprofit in the State of Texas where it has more than 400 members. This year, the NRA Annual Meeting will be held in Houston.
NRA is confident that the move will enable it to achieve “long-term sustainable growth” and a leading gun-rights advocacy group” without the toxic political environment of New York.”
Additionally, the gun rights advocacy group and one of its subsidiaries filed for Chapter 11 bankruptcy to carry out its restructuring plan.
Legal battles between New York and the NRA
In August last year, New York State Attorney General Letitia James filed a lawsuit to dissolve the NRA.
The state’s top law enforcement official alleged that the gun rights advocacy group under the direction of its top executives engaged in widespread violations of New York laws including those governing the organization’s charitable status.