Stoli Group USA files for Chapter 11 bankruptcy while planning to continue operations

Stoli Group USA, known for its vodka, has filed for Chapter 11 bankruptcy but intends to continue operations. The company reported assets between $100 million and $500 million and liabilities between $50 million and $100 million. The brand, originally Stolichnaya, has faced legal challenges from the Russian government since its purchase by Yuri Shefler in 1997. Shefler has lived outside Russia since 2002 due to ongoing disputes over the brand's ownership. Stoli Group has criticized the Russian government and expressed support for Ukraine amid the ongoing conflict. The company claims its legal issues have hindered its growth as a global brand.