Embattled grocer Dean & DeLuca’s flagship location in Soho will not, in fact, “reopen soon” despite some previous hollow promises to the contrary. In a surprise to no one keeping up with the unraveling of the debt-saddled luxury market, the 10,000-square-foot food emporium is now auctioning off its equipment at 560 Broadway, as Bowery Boogie first spotted.
On the bright side, by putting its every stove, filing cabinet, and cutting board up for sale, Dean & DeLuca has radically increased the inventory at the beleaguered market. In August, shelves were barren, as unpaid vendors like Amy’s Cookies in Brooklyn — who said they were owed tens of thousands of dollars — cut off supplies. At the time, signs and employees at the store claimed it was undergoing “renovations” and would be back in action soon.
Founded in 1977 by Giorgio DeLuca and Joel Dean, Dean & DeLuca grew from a small destination for Italian imports and fresh produce to a luxury brand with more than 40 US locations. It was purchased in 2014 by Thai real estate giant Pace Development for $180 million. Since then, Pace has expanded the Dean & DeLuca brand in Asia, but now it’s undergoing a “liquidity crisis,” according to the Times. In September, Pace announced plans to separate out its growing Dean & DeLuca presence in Asia with a different company, and to “rightsize” its U.S. operations to stop losses.
Eater NY has reach out to Pace for comment on the Soho closure and will add updates accordingly.
Dean & DeLuca’s Soho store was its last in New York, ending the company’s 32-year run in the city. An Upper East side location closed in June; a Napa Valley location closed in July, and its fancy New York cafeteria concept, called Stage, lasted less than a month before closing in the Meatpacking District. Even the company’s US website has expired, although two of the company’s domestic stores appear to remain open in Hawaii.