The National Rifle Association said late Friday that it has filed for chapter 11 in a Texas bankruptcy court, saying the “restructuring plan” will help streamline its legal and financial affairs and ensure its “continued success.” The organization also said it was leaving New York and going forward with plans to reincorporate in Texas. “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 NRA said in a letter in its website signed by Wayne LaPierre, its chief executive. The organization said it was not insolvent and is “as financially strong as we have been in years.” The NRA and New York have been in an ongoing, high-profile legal battle for months. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
2021-01-15