October 2, 2017 / 10:23 AM / a year ago

Thailand's Pace says Central Group to buy Dean & Deluca ops for $50 mln

BANGKOK, Oct 2 (Reuters) - Leading Thai retailer Central Group will acquire the operations of high-end grocer Dean & Deluca from luxury real estate developer Pace Development Pcl for $50 million, Pace said on Monday.

“Central Group has the financial resources, expertise and knowledge to handle the day-to-day operations of stores, logistics and licensee relationship,” Pace Development CEO Sorapoj Techakraisri said in a statement.

Pace would maintain the ownership of operations in the United States and of branded goods, while Central would acquire cafes, markets and e-commerce business outside the United States.

Central declined to comment about the deal when contacted by Reuters.

Pace, which operates luxury residential properties, has reported operating losses for five consecutive quarters, which reached 1.7 billion baht ($50.90 million) last quarter.

It acquired Dean & Deluca in 2014 for $140 million. ($1 = 33.4000 baht) (Reporting by Chayut Setboonsarng; Editing by Amy Sawitta Lefevre and Subhranshu Sahu)

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