Chinese coffee company Luckin Coffee has filed for bankruptcy in the US.
The coffee chain was earlier delisted from Nasdaq following an accountancy scandal showing fake customer traffic.
However, its retail outlet will remain open in the country.
Luckin Coffee operates 4,000 outlets in China but is publicly traded in the US, wants to use the bankruptcy process to delay US litigation against the company so it can negotiate deals on a restructuring.
“The company continues to meet its trade obligations in the ordinary course of business, including paying suppliers, vendors and employees,” shared the statement.
The café chain filed for Chapter 15 protection, which covers foreign debtors. In a statement, officials overseeing the company’s restructuring said the filing “marks another key milestone on the path to delivering a comprehensive restructuring proposal.”
According to the officials it will not have an impact on operations in China.
Food and BeveragesSourdough bread is experiencing a surge in popularity across the culinary landscape, and there are several factors contributing to this trend.
Casual dine restaurantAlong with Rhea and her approach to creating a transformative Goan experience on the plate is her partner, Bikash Parik. He has been instrumental in…
ChefChef Pratyush has received notable culinary achievements, including winning silver medals in the SICA and leading the food safety team to achieve the…
Hospitality industryWith a strong background in procurement, materials management, logistics, and operations control, he has consistently driven initiatives for cost…
Copyright © 2009 - 2024 Restaurant India.