Stoli Group USA has filed for Chapter 11 bankruptcy due to financial difficulties, with liabilities estimated between $50 and $100 million, impacting only its U.S. operations.
The spirits industry, particularly among younger consumers, is facing a downturn, as sales metrics reveal a nearly 4% decline, influencing brands like Stoli.
Facing backlash from the Russia-Ukraine conflict, Stoli had to shift public perception, clarifying that it is made in Latvia and not associated with Russia.
A significant cyberattack has also severely affected Stoli Group, compelling the company to rebuild its systems, adding to their ongoing operational challenges.
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