Stoli Group USA files for Chapter 11 bankruptcy with up to $100 million in debt

Stoli Group USA, known for its Stolichnaya vodka, filed for Chapter 11 bankruptcy on November 27, citing debts between $50 million and $100 million. The company faces challenges from decreased consumer demand, rising costs, and a recent cyber attack. The bankruptcy filing aims to restructure the company and preserve jobs. Stoli Group USA plans to submit a joint reorganization plan with its Kentucky Owl whiskey unit in the coming months. Despite the bankruptcy, customers can still purchase Stoli and Kentucky Owl products. The company has been affected by ongoing legal issues related to its brand and the impact of the pandemic on alcohol sales.