/National Rifle Association files for Chapter 11 bankruptcy

National Rifle Association files for Chapter 11 bankruptcy

The company filed for bankruptcy protection in a Texas court Friday.

The National Rifle Association announced that it intends to restructure as a nonprofit based in Texas and has filed for Chapter 11 bankruptcy protections.

The NRA added that it has been incorporated in New York for approximately 150 years.

“This strategic plan represents a pathway to opportunity, growth and progress,” NRA CEO Wayne LaPierre said in a statement. “Obviously, an important part of this plan is ‘dumping New York.’ The NRA is pursuing reincorporating in a state that values the contributions of the NRA, celebrates our law-abiding members, and will join us as a partner in upholding constitutional freedom.”

LaPierre dubbed the decision Friday a “transformational moment in the history of the NRA.”

The move comes after the NRA was sued by New York Attorney General Letitia James last August in a bid to dissolve the group.

James accused the NRA of an array of “illegal conduct,” according to a press release at the time describing the suit, including “[the] diversion of millions of dollars away from the charitable mission of the organization for personal use by senior leadership, awarding contracts to the financial gain of close associates and family, and appearing to dole out lucrative no-show contracts to former employees in order to buy their silence and continued loyalty.”

The NRA has filed a counter claim, calling the initial suit politically motivated.

James on Friday responded to the bankruptcy news in a statement, saying, “The NRA’s claimed financial status has finally met its moral status: bankrupt.”

“While we review this filing, we will not allow the NRA to use this or any other tactic to evade accountability and my office’s oversight,” James added.

Twitter, meanwhile, exploded with the hashtag #Thoughtsandprayers Friday afternoon, a nod to the common refrain usually given out to victims of gun violence.