Monday, March 28, 2011

Have We Eaten Our Last Krimpets?

We all know the song. Nobody bakes a cake as tasty as a Tastykake. And if this trend of financial insolvency continues, no one will.

From Joseph N. DiStefano's Philly Deals blog:

Shares of Tasty Baking Co., maker of Tastykakes, slipped to a 28-year low today after the Philadelphia snack bakery told the SEC in this filing late Friday that "the Company is unable to file" its 2010 annual report on schedule because it's busy trying to sell the firm.

In January the company said it had made deals with its banks, state agencies, landlord Liberty Property Trust, and other creditors to delay payments while it looks for a buyer to take over the company or some other "possible strategic and financial option."

That followed the failure of Tasty's new state-subsidized South Philadelphia bakery to meet initial sales targets; higher ingredient costs; and the bankruptcy of A&P, a major supermarket customer. The creditors gave Tasty until June 30.

I don't know about you, but I'm stocking up. If I don't get my blueberry Tasty Pie or my Butterscotch Krimpets, I am NOT a happy camper.

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