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Interstate Bakeries to cut 1,400 jobs

May 24, 2005
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Reuters reports that Interstate Bakeries Corp., maker of Twinkies and Wonder bread announced it will close its New Bedford, Massachusetts, bakery and consolidate other operations, costing as many as 1,400 jobs. The company, which is in bankruptcy, said it will record charges of $17 million, including about $7 million in severance costs. Interstate Bakeries said it expects to consolidate production, routes, depots and thrift stores throughout the Northeastern United States by mid-August, subject to bankruptcy court approval. The company, which filed for bankruptcy protection on Sept. 22, 2004, said it expects to recognize charges to intangible assets related to trademarks and tradenames that will be impaired as a result of the consolidation but could not yet provide an estimate of those charges.

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