Pizza chains across the country have been struggling to stay afloat over the last two years as they have faced several financial challenges threatening their existence. A common reason given for financial distress by restaurants in recent years has been the lingering effects of the Covid-19 pandemic in 2020.

Stoli Group USA is 'currently facing significant balance sheet and liquidity challenges,' according to a court filing.

The Illinois-based contract manufacturer is also seeking court approval for $300m in debtor-in-possession (DIP) financing.

The filing comes just over a year after Planting Hope, a Chicago-based sesame milk company, acquired some assets of Argo Tea and laid out plans to breathe new life into the brand.

Hearthside reports its restructuring will allow it to eliminate more than $1.9 billion of its debt and secure $200 million of new equity capital at exit.

Two U.S.-based subsidiaries of vodka maker Stoli Group have filed for bankruptcy protection in Dallas, Texas, after a damaging cyberattack, the Russian government’s seizure of its remaining distilleries in that country,

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.

Colorado-based Lee Spirits Co., a distiller of premium gin, vodka and liqueurs, on March 8, 2024, filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Colorado after shutting down all operations four days earlier.

Stoli Group USA, known for its vodka, files for bankruptcy. See what that means for the brand while it navigates the process.