The owner of Stoli Brand Vodka and Kentucky Owl Bourbon has filed for Chapter 11 bankruptcy protection.
The US unit of Stoli Group, which owns a dozen spirits and wine brands, listed assets of more than $100 million and liabilities of between $50 million and $100 million in its bankruptcy petition filed in Texas. Stoli Vodka is distilled in Riga, Latvia To Its website.
According to the filing, Stoli Group (USA) is “experiencing financial difficulties.” Chapter 11 allows a business to continue operating and reorganize its finances by working out an agreement with creditors.
Stoli Group did not immediately respond to a request for comment.
The company is not the first major liquor provider to take this step this year. Vintage Wine Estates of California filed bankruptcy in July, after the company was among the major US wine producers, pointing to a decline in demand after pandemic lockdowns.
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