Stoli Vodka Files For Bankruptcy In The U.S.

Stoli Group USA, owner of the iconic vodka brand, has filed for bankruptcy, citing declining demand for spirits, a major cyberattack that disrupted operations, and prolonged legal battles with Russia, CNN’s Jordan Valinsky reported.

Despite the filing, Stoli vodka and Kentucky Owl bourbon will remain available on store shelves while the company navigates Chapter 11 bankruptcy. I Photo: Stoli Vodka Facebook

In its bankruptcy filing, the company acknowledged financial difficulties, listing liabilities between $50 million and $100 million.

Despite the filing, Stoli vodka and Kentucky Owl bourbon will remain available on store shelves while the company navigates Chapter 11 bankruptcy, which only applies to its US operations.

Until 2022, Stoli vodka was sold in the US under the name Stolichnaya, which means “capital city” in Russian. The name change followed Russia's invasion of Ukraine and subsequent boycotts of Russian-branded products.

Stoli Group’s founder, Russian-born billionaire Yuri Shefler, was exiled from Russia in 2000 for opposing President Vladimir Putin. Although often marketed as Russian vodka, Stoli has been produced in Latvia for several decades.

The company is a subsidiary of Luxembourg-based SPI Group, which owns several 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. “Earlier this year, the company and our owner were both labeled by the Russian state as ‘extremist groups working against Russia’s interests.’”