Vodka maker Stoli Group files for bankruptcy protection in U.S.

The owner of Stoli brand vodka and Kentucky Owl bourbon has filed for Chapter 11 bankruptcy protection.

Stoli Group's U.S. unit, which owns a dozen spirits and wine brands, listed more than $100 million in assets and between $50 million and $100 million in liabilities in its bankruptcy petition, filed in Texas. Stoli vodka is distilled in Riga, Latvia, according to its website.

Stoli Group (USA) "is experiencing financial difficulties," according to the filing. Chapter 11 lets a business continue to operate and restructure its finances by working out an agreement with creditors.

Stoli Group did not immediately respond to a request for comment.

The company is not the first large alcohol provider to make the move this year. California's Vintage Wine Estates filed bankruptcy in July, with the company, among the major U.S. wine producers, pointing to a decline in demand after the pandemic lockdowns.

Yet the increase in stress-related drinking that came with COVID-19 did not stop as life returned to normal, according to new research, which found higher levels of alcohol use continuing into 2022.