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Added on the 22/11/2020 14:01:39 - Copyright : Wochit
The National Rifle Association of America (NRA) has filed for voluntary bankruptcy in Texas. The nation's foremost gun lobby confirmed the announcement on Friday. According to CNN, the organization said it plans to leave New York and reincorporate as a Texas nonprofit. The NRA is calling the rebranding effort "Project Freedom." The group said it's in its "strongest financial condition in years," but the restructuring will help to "streamline costs and expenses." The Chapter 11 announcement follows allegations of financial mismanagement at the NRA in recent years.
Jonathan Ernst/Reuters The NRA says it filed for Chapter 11 bankruptcy on Friday. The organization has been beset by financial troubles for years. The NRA is also relocating from New York to Florida where it will register as a nonprofit. The National Rifle Association has filed for Chapter 11 bankruptcy, the group said in a statement Friday. Internal financial documents showed that it increased spending over revenue and it ran a deficit for several years, including a gap of $10.8 million in 2018.
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