Interstate Bakeries, the bankrupt manufacturer of Twinkies and Wonder Bread, has announced further job cuts in another round of consolidation that the company hopes may reverse its poor financial performance.
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According to a report by the Associated Press, the company will lay-off around 230 employees in Indiana and Michigan. These fresh redundancies are part of a restructuring programme that has already cost more than 5,000 jobs and resulted in the closure of nine bakeries. The cuts complete Interstate’s reorganisation of operations in its ten regional ‘profit centres’.
It is expected that, if approved by bankruptcy officials, the redundancies will be completed by 13 March. The cuts are expected to cost the company about US$700,000 in severance payments.
