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Dean & Deluca files for bankruptcy protection from creditors
[NEW YORK] Dean & Deluca, the pioneering gourmet grocer that was already struggling to survive, filed for US Chapter 11 protection from creditors as the novel coronavirus brought New York City shoppers to a virtual standstill.
The company listed liabilities of as much as US$500 million and assets of no more than US$50 million in a bankruptcy petition filed in Manhattan.
Its owner, Thailand's Pace Development, 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 lackluster sales.