National Rifle Association Files For Bankruptcy, Announces Plan To Move To Texas

DALLAS (CBSDFW.COM) - The National Rifle Association filed a voluntary petition for chapter 11 bankruptcy in federal court in Dallas on Friday, Jan 15.

In a letter to members, NRA Executive Vice President and CEO Wayne LaPierre said, "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. The plan can be summed up quite simply: We are DUMPING New York, and we are pursuing plans to reincorporate the NRA in Texas."

The gun rights organization said it would restructure as a nonprofit in Texas to exit what it called a "a corrupt political and regulatory environment in New York."

Texas Gov. Greg Abbott tweeted out a link to the letter and said, "Welcome to Texas - a state that safeguards the 2nd Amendment."

"The plan allows us to protect the NRA and go forward with a renewed focus on Second Amendment advocacy," says NRA President Carolyn Meadows. "We will continue to honor the trust placed in us by employees, members and other stakeholders – following a blueprint that allows us to become the strongest NRA ever known."