Stoli Group USA Files for Bankruptcy After ‘Experiencing Financial Difficulties’

Veuer

After “experiencing financial difficulties,” Stoli Group USA, the company behind Stoli vodka and Kentucky Owl, has filed for Chapter 11 bankruptcy. Veuer’s Chloe Hurst has the story!

Transcript

00:00After experiencing financial difficulties, Stoli Group USA, the company behind Stoli

00:05Vodka and Kentucky Owl Bourbon, has filed for Chapter 11 bankruptcy. Before consumers panic,

00:11the two beverages will continue to be available on store shelves, while the company navigates

00:16its future. According to CNN, the financial difficulties were a result of slowing demand

00:22for spirits, a malicious cyber attack that disrupted operations, and several years of

00:28fighting Russia in court. The company has listed between $50 million and $100 million in liabilities.

00:35Stoli Group CEO Chris Caldwell explains,

00:38The Stoli Group has been targeted by the Russian Federation since it was formed nearly 25 years

00:44ago. Additionally, the filings state, a decline and softening of demand for alcohol and spirits

00:50products post-COVID, and especially beginning in 2023 and continuing into 2024.

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