NEW YORK (BLOOMBERG) – Dean & Deluca Inc, the pioneering gourmet grocer that was already struggling to survive, filed for Chapter 11 protection from creditors as the coronavirus brought New York City shoppers to a virtual standstill.
The company listed liabilities of as much as US$500 million (S$711 million) and assets of no more than US$50 million in a bankruptcy petition filed in Manhattan. Its owner, Thailand’s Pace Development Corp, defaulted on a total of 9.5 billion baht (S$412 million) of debt last year.
Dean & DeLuca’s New York stores introduced Americans to international delicacies more than four decades ago and spawned a cohort of upscale gourmets. But the chain faltered amid heightened competition and lacklustre sales.