Thai king's bank takes 26% of upscale grocer Dean & DeLuca

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Pedestrians outside a Dean & DeLuca storefront in Bangkok: The grocer's parent company has scaled down the chain's U.S. operations. (Photo by Marimi Kishimoto)

MARIMI KISHIMOTO, Nikkei staff writer

February 2, 2021 00:51 JST

BANGKOK -- Siam Commercial Bank, one of the largest banks in Thailand and whose largest individual shareholder is King Maha Vajiralongkorn, said Monday it has secured a 26.49% stake in upscale grocer Dean & DeLuca by converting debt held in the U.S.-based company.

The stake acquisition results from a debt-to-equity option exercised for a $45.83 million loan extended to Dean & DeLuca. The chain filed for Chapter 11 bankruptcy protection in a U.S. court last March.