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NRA declares bankruptcy, plans to incorporate in Texas

NRA Bankruptcy
Posted at 7:48 AM, Jan 16, 2021
and last updated 2021-01-16 07:48:56-05

AUSTIN, Texas (AP) — The National Rifle Association has filed for bankruptcy protection and will seek to incorporate in Texas instead of New York.

The announcement Friday comes months after New York's attorney general sued the NRA over claims that top executives illegally diverted tens of millions of dollars for lavish personal trips.

The coronavirus pandemic also forced the NRA last year to lay off dozens of employees, cancel its national convention and scuttle fundraising.

The NRA's bankruptcy filing listed between $100 million and $500 million in assets and between $100 million and $500 million in liabilities.

The NRA's largest creditor is Oklahoma-based Ackerman McQueen.

The group's former advertising agency is owed $1.2 million.