Stoli Group USA Files For Bankruptcy
December 2, 2024Stoli Group USA filed for Chapter 11 bankruptcy in a Texas district court last week, claiming assets of $100 million to $500 million and liabilities of $50 million to $100 million. The company, which says it’s experiencing financial difficulties amid headwinds in the drinks business—and was hit by a major cyberattack recently—is continuing to operate as it attempts to restructure.
Stoli’s core vodka is estimated at over 1 million cases in the U.S. The brand was down 12% by volume in control states in the year to date through October. The portfolio also includes Elit vodka, Kentucky Owl American whiskey, and Cenote Tequila.
Stoli is owned by Russian-born billionaire Yuri Shefler, who was exiled from Russia two decades ago, with his SPI Group now based in Luxembourg. The Russian state continues to claim ownership of Stoli, challenging Shefler’s rights to the brand in various global markets. Earlier this year the Russian Federation declared Shefler and his company as “extremist groups working against Russian’s interests.”—Daniel Marsteller
Tagged : cenote, Kentucky Owl, Stoli
