China's Luckin Coffee files for bankruptcy in US after $300 mn scandal

Chinese coffee chain Luckin Coffee has filed for bankruptcy protection in the US, months after it was delisted from Nasdaq following a $300 million accountancy scandal. However, Luckin said its retail outlets will remain open and it will continue to pay employees. In December 2020, Luckin agreed to pay the Securities and Exchange Commission $180 million for settling fraud charges.