Dean & Deluca Files for Bankruptcy Protection From Creditors

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 $500 million and assets of no more than $50 million in a bankruptcy petition filed in Manhattan. Its owner, Thailand’sPace Development Corp.,defaulted on a total of 9.5 billion baht (about $315 million) of debt last year.

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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 chainfaltered amid heightened competition and lackluster sales.

The case is Dean & DeLuca Inc. and Dean & DeLuca New York Inc., 20-10917, U.S. Bankruptcy Court for the Southern District of New York (Manhattan)

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