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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May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.