Luckin Coffee has filed for bankruptcy protection in the US, less than a year after the China-based coffee chain said hundreds of millions of dollars of sales had been fabricated.
The company, once touted as China’s rival to Starbucks, sought chapter 15 relief in New York to allow a financial restructuring.
Luckin, which listed in New York in 2019, shocked Wall Street when the accounting scandal came to light and the stock was subsequently delisted from the Nasdaq exchange.
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