National Rifle Association Declares Bankruptcy, Moving to Texas

The National Rifle Association on Friday announced that it is declaring bankruptcy and reincorporating in Texas.

The gun rights organization says it is getting away from the "toxic political environment" of New York.

"We are DUMPING New York, and we are pursuing plans to reincorporate the NRA in Texas," the organization said in a written statement. "To facilitate the strategic plan and restructuring, the NRA and one of its subsidiaries have filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division."

According to the statement, the NRA's move and bankruptcy will not impact memberships at any level.

The move to Texas is pending court approval.

Read the full statement here.