China's Luckin Coffee files for bankruptcy protection
Shortpedia
Content Team
Image Credit: Foxbusiness
The Chinese rival to Starbucks said Friday that it is negotiating with stakeholders regarding the restructuring of its financial obligations, to strengthen its balance sheet and to allow it to emerge as a going concern. The company filed for Chapter 15 bankruptcy protection, which allows a foreign company to file for bankruptcy in the US court system. Luckin said its stores will remain open during its restructuring.
