Luckin Coffee, which saw two of its top executives fired last year for mismanagement, said it has filed for Chapter 15 bankruptcy protection in the U.S. so it can move forward with its restructuring efforts. The Beijing-based company, which is publicly traded in the U.S.,...
China’s top regulator, the State Administration for Market Regulation, has fined coffee chain Luckin Coffee and other firms that helped it inflate its sales and expenses last year, The Wall Street Journal reported. The decision puts punctuation to an investigation that took months into reported misconduct at...
Regulators in China are preparing to move against once-hot Luckin Coffee Inc., which admitted booking millions of dollars in nonexistent sales, The Wall Street Journal reported on Friday (July 31). The Journal said the Chinese Ministry of Finance was preparing to formally reprimand Luckin and...
Luckin Coffee announced on Wednesday (July 1) the completion of an internal probe that blames the company’s former CEO and COO for inflating the embattled Chinese java giant’s revenue and expenses by hundreds of millions of dollars. The Beijing-based coffee chain, which goes head-to-head with...
February 17, 2021
A month-long investigation by Luckin Coffee into its current CEO found no evidence of misconduct, Reuters reported Wednesday (Feb. 17). The investigation was launched following allegations by some of the company’s employees, according to the news report. CEO Jinyi Guo took over from Charles Zhengyao, the company’s co-founder and chairman, who was ousted last year amid […]
February 05, 2021
Luckin Coffee, which saw two of its top executives fired last year for mismanagement, said it has filed for Chapter 15 bankruptcy protection in the U.S. so it can move...
September 22, 2020
China’s top regulator, the State Administration for Market Regulation, has fined coffee chain Luckin Coffee and other firms that helped it inflate its sales and expenses last year, The Wall Street...
July 31, 2020
Regulators in China are preparing to move against once-hot Luckin Coffee Inc., which admitted booking millions of dollars in nonexistent sales, The Wall Street Journal reported on Friday (July 31)....
