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Dean & Deluca Files For Bankruptcy Protection Amid Covid-19 Crisis

Dean & Deluca Inc., a chain of upscale grocery stores, filed for Chapter 11 protection from creditors amid the coronavirus or Covid-19 crisis in New York, Bloomberg reported, citing a bankruptcy petition.

In the petition filed in Manhattan, the Wichita, Kansas-based company recorded around $500 million liabilities and assets of around $50 million. Thailand-based Pace Development Corp., which owns Dean & Deluca, defaulted on a total of 9.5 billion baht or about $315 million of debt last year.

Dean & Deluca's first shop was established in New York City's SoHo district by Joel Dean, Giorgio DeLuca and Jack Ceglic in September 1977.

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