National Rifle Association Files For Chapter 11 Bankruptcy

The National Rifle Association of America (NRA) has filed for voluntary bankruptcy in Texas.

The nation's foremost gun lobby confirmed the announcement on Friday.

According to CNN, the organization said it plans to leave New York and reincorporate as a Texas nonprofit.

The NRA is calling the rebranding effort "Project Freedom." The group said it's in its "strongest financial condition in years," but the restructuring will help to "streamline costs and expenses." The Chapter 11 announcement follows allegations of financial mismanagement at the NRA in recent years.