Dean & DeLuca has announced that it is closing three of its nine stores in the U.S., including a concept store in downtown Manhattan that opened earlier this year, reports The New York Times. The company has been dealing with debt problems since it was bought by Pace Development in 2014, consistently withholding payment from vendors like Bien Cuit, a bakery in Brooklyn and Eleni’s Cookies, who sued the company for $86,000 last year.
“We are going to inject additional funds to fix the business and meet our obligations,” says Sorapoj Techakraisri chief executive of Pace Development. Pace has plans to start paying vendors next month, but Techakraisri also says, “we may have to downsize to stay true to what the brand has been.” Full Story
Related: The Four Seasons Restaurant Will Close; Organic Quick-Service Chain Closes All Locations.
from Specialty Food News https://ift.tt/2jEBOqG
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