US baked goods manufacturer Tasty Baking has closed its 12 stores after only two years of operation.
The 88-year-old manufacturer of cakes, pies and cookies opened the 12 stores back in September 2000 to generate revenue from the sale of older snacks at discounted prices. The company said the stores were closed because the projected costs of maintaining them through 2003 greatly exceeded projected revenues.
Several of Tasty Baking’s top executives have left the company, including chairman Carl S. Watts, who had been with Tasty Baking for 35 years. W. Dan Neagle, vice president of route operations, Gary G. Kyle, vice president of marketing and national sales, and Mark M Johnson, vice president of human resources, have also left the company, reported AP Online.