Stoli Vodka files for Chapter 11 bankruptcy after cyberattack and legal battle with Russia

Stoli Group USA, the maker of Stolichnaya vodka, has filed for Chapter 11 bankruptcy in Dallas. This follows a severe cyberattack in September that disrupted operations and ongoing legal disputes with Russia over brand ownership. The company, which rebranded from Stolichnaya to Stoli in 2022, faces financial difficulties with liabilities between $50 and $100 million. The legal conflict involves claims from the Russian state regarding the brand's ownership. Overall alcohol sales are declining, with spirits consumption in the U.S. down 3% this year. This trend is attributed to changing consumer habits, including a rise in non-alcoholic beverages and the legalization of marijuana in several states.