Vending

Luckin Coffee emerges from bankruptcy

Image courtesy of Luckin Coffee.

April 11, 2022

Luckin Coffee Inc., a pioneer in coffee vending and a competitor to Starbucks in China, has emerged from bankruptcy proceedings, two years after an accounting fraud derailed its business, according to a Reuters report.

The company almost collapsed in 2020 after it was reported that about 2.2 billion yuan ($337.31 million) in 2019 sales was fabricated.

The company said it restructured its financial indebtedness in the U.S. and is positioned for growth.