US-based Schwebel Baking Company has decided to shut down and plans to start a liquidation process after failing to secure new financing or a buyer for the business.
In a statement, the group said it plans to continue operating through the weekend of 4 July when the US marks its separation from the UK.
However, Schwebel then intends to wind down operations “in an orderly fashion” through the remainder of the summer.
The Ohio-based company cited “significant operational and financial constraints” for the decision.
It pointed to aging manufacturing facilities, “costly” labour contracts and pension obligations. The baker also blamed changes in consumer trends that have reduced demand for “traditional” bread…