The controversial National Rifle Association in the U.S. goes bankrupt


The National Rifle Associationsaid Friday that it filed for bankruptcy and will move to Texas, where the organization says it has 400,000 members.

The NRA is currently based in New York, where the state's attorney general, Letitia James, filed a lawsuit for financial crimes by its top officials and seeks to dissolve the organization.

Chapter 11 bankruptcy protection haltes all judicial and legal proceedings related to debt or collection, while an organization restructures its debts.

In May 2020, the NRA, which claims to have 5 million members, fired dozens of employees and closed the fundraiser and its national convention amid the coronavirus pandemic.

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

The NRA said it is "restructuring" in a state that "values NRA contributions, celebrates our law-abiding members, and will join us as a partner in defending constitutional freedom."

The NRA has been headquartered in New York since its inception in 1871.

Texas Gov. Greg Abbott tweeted the news and wrote "welcome to Texas, a state that protects the Second Amendment."

Meanwhile, the president of Everytown for Gun Safety, one of the largest organizations dedicated to reducing gun violence, called the NRA a "attempt to escape legal guilt for years of financial mismanagement and illegal self-trade."

"This desperate manoeuvre is a de facto admission of guilt," Joshua Feinblatt said in a statement.

Related Businesses
    - - Customer
    Copyright © 2024 by CreditRiskMonitor.com (Ticker: CRMZ®). All rights reserved.  You are not permitted to use this report or the information contained herein for any purpose not expressly permitted by CreditRiskMonitor.com, Inc. Except as expressly permitted by CreditRiskMonitor.com, Inc., you are not permitted, in whole or in part, to copy, alter, correct, adapt, translate, enhance, lease, sell, sublicense, assign, distribute, publish, otherwise make available to any third party, or prepare derivative works or improvements of this report or any of the information contained therein. You are not permitted to reverse engineer, disassemble, decompile, decode, or adapt the software, algorithms or other processes used to prepare this report, or otherwise attempt to derive or gain access to the source code of same. You agree not to remove, alter, obscure, combine or otherwise change any disclaimers, trademarks, copyrights, other intellectual property rights, proprietary rights, or other symbols, notices, marks, or serial numbers on or relating to any copy of the report or on marketing or other materials that CreditRiskMonitor.com, Inc. may provide to you. You will not use this report in any manner or for any purpose that infringes, misappropriates, or otherwise violates any right of any party, or that violates any applicable law.  
    The FRISK® scores, agency ratings, credit limit recommendations and other scores, analysis and commentary are opinions of CreditRiskMonitor.com, Inc. and/or its suppliers, not statements of fact, and should be one of several factors in making credit decisions.  Any reliance you place on the information in this report is strictly at your own risk. Except as expressly provided by CreditRiskMonitor.com, Inc., no warranties or representations of any type, including without limitation of results to be obtained, merchantability or fitness for a particular purpose, are made concerning any part of CreditRiskMonitor.com, Inc.’s service, including without limitation the FRISK® scores.  The information published above has been obtained from sources CreditRiskMonitor considers to be reliable.  CreditRiskMonitor.com, Inc. and its third-party suppliers do not guarantee or validate the accuracy and completeness of the information provided in this report, the underlying information input to create the FRISK® scores, and specifically do not assume responsibility for not reporting any information omitted or withheld.  By using this website, you accept the Terms of Use Agreement. 
    Contact Us: 845.230.3000
    Fundamental financial data concerning public companies may be provided by Refinitiv (click for restrictions)
    Friday, April 26, 2024