(Nexstar) – The National Rifle Association has filed for Chapter 11 bankruptcy and plans to move its operations to Texas.
According to multiple reports, the NRA cited pushback and politics in New York as their reasoning for restructuring in Texas.
“Today the NRA announced a restructuring plan that positions us for the long-term and ensures our continued success as the nation’s leading advocate for constitutional freedom – free from the toxic political environment of New York,” A statement posted in a newsletter reads. “The plan can be summed up quite simply: We are DUMPING New York, and we are pursuing plans to reincorporate the NRA in Texas.”
Specifically, the NRA directly points to the New York Attorney General and Governor’s “direct overreach” saying they have abused their legal and regulatory power.
Chapter 11 allows entities to continue operating while working on a plan to repay creditors.