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May 18, 2006

US: Interstate Bakeries losses deepen

The troubles of Interstate Bakeries Corp deepened in the four weeks to 1 April as the company’s losses increased.

The troubles of Interstate Bakeries Corp deepened in the four weeks to 1 April as the company’s losses increased.

The company lost US$15.2m in the period, compared with a loss of $10m for the prior four weeks.

However, sales were up in the four weeks to $225m, up from $222m in the previous four weeks, the Kansas City Star reported citing court records.

In March this year, the bankrupt manufacturer of Twinkies and Wonder Bread, announced further job cuts in another round of consolidation that the company hoped may reverse its poor financial performance

In total, since becoming bankrupt, the company has closed nine bakeries and reduced its number of employees by about 20%.

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