The National Rifle Association announced plans to restructure the organization Friday which will involve filing for Chapter 11 bankruptcy and incorporating in Texas. 

A statement from the association Friday said it will restructure itself as a Texas nonprofit in order to "exit what it believes is a corrupt political and regulatory environment in New York."

The NRA said that the move is not related to its financial standing, adding that it is "in its strongest financial condition in years."

The organization said its day-to-day operations will remain unchanged.

Click here to read the full statement.