Food store, when licensed, eats into liquidity (12)

I believe the answer is:

delicatessen

I'm a little stuck... Click here to teach me more about this clue!

'food store' is the definition.
(I've seen this before)

'licensed eats into liquidity' is the wordplay.
'licensed eats' can be anagrammed to 'DELICATESSEN'.
But, I'm not clear how the anagram is indicated.

'when' acts as a link.

Can you help me to learn more?

(Other definitions for delicatessen that I've seen before include "Shop selling exotic prepared foods" , "Rich food had here, perhaps?" , "Here one gets exotic foods" , "Shop selling specialist foods" , "Rare food shop" .)

I've seen this clue in the Sydney Morning Herald.

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