NEW YORK — Stoli Group USA, the owner of the namesake vodka , has filed for bankruptcy as it struggled to contend with slowing demand for spirits, a major cyberattack that has snarled its operations and several years of fighting Russia in court. The company in its bankruptcy filing said it is “experiencing financial difficulties” and lists between $50 million and $100 million in liabilities. Stoli vodka and Kentucky Owl bourbon will continue to be available on store shelves while the company navigates the Chapter 11 process, which only pertains to its U.S. business. Until 2022, Stoli was sold as Stolichnaya in the United States, which loosely translates to “capital city” in Russian. The company shortened its title following Russia’s invasion of Ukraine and boycotts against Russian-branded vodkas . Stoli Group’s founder, Russian-born billionaire Yuri Shefler, was exiled from that nation in 2000 because of his opposition to President Vladimir Putin. People are also reading... Cabinet manufacturer closing Statesville facility, laying off all 74 employees Iredell deputies charge Catawba County men with stealing Duke Energy wire Alexander County man charged with murder in death of grandmother Trump, Musk can learn from North Carolina, Raleigh writer says Iredell-Statesville Schools nutrition department receives award Letter to the editor: Charging kids to play baseball at Jennings Park is poor idea 'The Message' religious sect sprouts destructive groups across globe Desk jockey dangers: Important facts about ‘sitting disease’ Lake Norman residents voice concerns with Marshall Steam Station changes How to spot teen mental health issues and how to deal with them Silverado stolen in Iredell County linked to federal charges against multi-state car theft ring Roster limits in college sports put athletes on chopping block, coaches look for answers Telehealth appointment vs. in-person care — which is right for you? I lost all my food: FEMA goes door-to-door in Hickory with Hurricane Helene aid From the earth, for the earth: Why plant-based eating is here to stay Intel announced on December 2 that CEO Pat Gelsinger has resigned after a difficult stint at the company. The once-dominant chipmaker’s stock cratered as it missed the AI boom and was surpassed by most of its rivals. The liquor has long been marketed as a Russian vodka, but its production facilities have been in Latvia for several decades. Stoli Group is a unit of Luxembourg-based SPI Group, which owns other spirit and wine brands. “The Stoli Group has been targeted by the Russian Federation since it was formed nearly 25 years ago,” said Stoli Group CEO Chris Caldwell in a statement. “Earlier this year the company and our owner were both named by the Russian state as ‘extremist groups working against Russia’s interests.’” Its ongoing legal battle with the Russia government has forced Stoli to “spend dozens of millions of dollars on this long-term court battle across the globe with the Russian authorities,” according to its court filing. Caldwell also said that Stoli’s global operations has been a “victim of a malicious cyber attack” that has forced the company to operate “entirely manually while the systems are rebuilt.” A slowdown in demand for alcohol has crushed several company’s bottom lines following the pandemic when people were stuck at home and stocked up. Stoli’s filings said that it has seen a “decline and softening of demand for alcohol and spirits products post-Covid and especially beginning in 2023 and continuing into 2024.” Stoli Group USA, maker of Stoli vodka, has filed for bankruptcy due to slowing demand for spirits, a major cyberattack, and ongoing legal battles with Russia. The-CNN-WireTM & © 2024 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved. Get the latest local business news delivered FREE to your inbox weekly.
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Lindsey is a Seattle area writer interested in all things society, including internet culture, politics, and mental health. Outside of the Daily Dot, her work can be found in publications such as The Mary Sue, Truthout, and YES! Magazine.
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Straight-talking Wes Streeting is happy to ruffle feathersB.C. expands areas eligible for financial help after October atmospheric riverSALT LAKE CITY (AP) — With Mitt Romney set to exit the U.S. Senate, Washington will be without one of its strongest conservative critics of Donald Trump when the president retakes the White House in the new year. At a final news conference Friday in Salt Lake City, the retiring senator reflected on his two-decade political career, which included the 2012 Republican presidential nomination, a term as Massachusetts governor and several skirmishes with Trump loyalists in Congress. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.3d Systems (DDD) Q3 2024 Earnings Call Transcript