Dean & Deluca Scaling Back Planned Expansion
Dean & Deluca, an upscale grocer based in Manhattan, is scaling back on its planned store expansion, according to a report in the New York Post. It is backing out of at least four planned stores. The company was purchased in 2014 by Pace Development Corp. for $140 million and at that time announced plans to expand the concept in Asia and the Middle East. The company currently operates 12 Dean & Deluca stores in the United States and licenses 10 more in other countries.
“The company is investing in the strategic reassessment required to solve legacy issues and the current challenges that are facing brands in the retail sector,” Pace said in a statement. It will focus on the stores currently in operation without further plans for expansion.
In other news, Dean & Deluca has notified the PGA Tour that is may have to pull out of the six-year sponsorship commitment it signed for The Colonial golf tournament, after only two years in.