Interstate Bakeries Corporation ("IBC") said that, as part of its previously announced operational and financial restructuring and subject to bankruptcy court approval, it plans to consolidate operations in its Florida Profit Center (PC) by closing its bakery in Miami and consolidating routes, depots and thrift stores in Florida and Georgia, where it maintains regional facilities. The company said it expects to complete the consolidation of the Florida PC by July 15, 2005. The consolidation is expected to affect approximately 600 workers in the Florida PC. IBC will continue to service the marketplace from its bakeries in Columbus, Ga., and Jacksonville and Orlando, Fla.
These actions are a part of the company's efforts to address continued revenue declines and its high-cost structure. Monthly consolidated operating reports filed with the bankruptcy court show that net sales for the third quarter (16 weeks ended March 5, 2005) were $1.003 billion, representing a 1.7% decline from the comparable period a year ago.