Stoli Group USA, LLC, has filed for Chapter 11 bankruptcy but plans to continue operations while it navigates the process.
In a court filing, Stoli said it has assets estimated between $100 million and $500 million and liabilities between $50 million and $100 million.
Previously known as Stolichnaya, the brand has Russian roots dating back decades. It was purchased by Russian-born billionaire Yuri Shefler in 1997 after the collapse of the Soviet Union.
However, Shefler has faced legal pushback in Russia — with the government claiming it has rights to the brand. In 2002, Shefler left Russia and has not returned.
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“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 obtained by CNN. “Earlier this year the company and our owner were both named by the Russian state as ‘extremist groups working against Russia’s interests.’”
While building a global brand, the company claims it has been burdened by legal battles with the Russian government.
It's also been an outspoken critic of Russian President Vladimir Putin. In 2023, it spoke out against Putin's invasion of Ukraine.
“Ukraine has suffered immense loss and this War forced many organizations to commit to a new business paradigm built on taking a stand on global issues of the greatest importance. As we have sought to address sustainability, LGBTQ, diversity and injustice, we have led on our support of Ukraine," the company said in a statement.
