National Rifle Association files for bankruptcy

The National Rifle Association said Friday that it has filed for bankruptcy and is moving to Texas, where the organization says it has 400,000 members. The NRA is currently based out of New York, where state Attorney General Letitia James has filed a lawsuit alleging financial crimes by its top officials and seeking to disband the organization.

Chapter 11 bankruptcy protection stops all court and legal proceedings regarding debt or collection, while an organization restructures its debts. In May 2020, the NRA, which says it has 5 million members, laid off dozens of employees and shut down fundraising and its national convention amid the coronavirus pandemic.

The fundraising pause and the lack of a national convention in a presidential election year was a huge financial setback for the organization, although Americans bought a record number of guns in 2020.