Yes, you can remove an item previously put on sale in the Chef Store. You can do so by following the steps below:
  1. Go to the Chef Store
  2. Tap the item you’d like to remove from Sale
  3. Tap on Remove. This costs 1 Cash and allows you to clear a slot in the Chef Store whenever needed.

Note: Once you remove an item from Chef's Store slot, it is not added back to Steam Table.