August 5, 2011 |
Tasty Baking Co. delivered bad news to employees Friday, announcing the elimination of 32 positions at its former headquarters at the Philadelphia Navy Yard. The job cuts were expected after the company's acquisition by Flowers Foods Inc. in May for about $165 million, most of which went to repay debt taken on to pay for the move to a new, $78 million bakery last year. "As is often the case when two publicly traded companies merge, we found overlap and redundancy in office functions," said Paul Ridder, president of the Philadelphia operation and former Tasty senior vice president and chief financial officer.
April 17, 2011 |
THOMASVILLE, Ga. - It was the moment of truth Thursday morning. Managers at the Flowers Foods bakery in Thomasville were about to have their first Tastykakes. Tastykakes, beloved in Philadelphia, were mostly unknown in Thomasville before Flowers announced last week that it planned to buy Tasty Baking Co. Given a choice of Butterscotch Krimpets or Peanut Butter Kandy Kakes, the managers - Mickey Miller, Roger Lane, and George Elmore - opted for the Krimpets. They were clearly curious about the snack cakes that are going to be part of their future.
April 14, 2011
I am a huge fan of The Inquirer, especially the investigative reporting of the last few years, but I have to say that you blew it on Tuesday. The big news that day was that a homegrown, cutting-edge success story, Endo Pharmaceuticals Inc., announced that it had reached a megadeal to acquire a Minnesota-based company, American Medical Systems, for $2.9 billion. This is one of several major acquisitions by Endo in the last two years. So, does The Inquirer lead its front page with this growth story?
April 13, 2011
While it's difficult to see Philadelphia lose another corporate headquarters, there's good news in the sale of Tasty Baking Co. to a robust competitor committed to keeping hundreds of jobs at the Philadelphia Navy Yard. Saving those jobs vindicates a high-risk business strategy promoted by a former Chamber of Commerce booster - Tasty chief executive Charles P. Pizzi - and embraced by then-Gov. Edward G. Rendell and other power brokers with whom Pizzi partnered to land taxpayer financing to help build a state-of-the-art bakery.
April 12, 2011 |
THE $165 MILLION deal announced yesterday between Tasty Baking Co., the maker of Philadelphia's beloved Tastykakes, and Georgia-based Flowers Foods may prove to be a sweet deal for Krimpet-lovers, shareholders and taxpayers alike. After hemorrhaging money over the last fiscal year, Tasty agreed to be purchased by Flowers for $4 a share in cash - a huge premium over Friday's closing price of $1.61 but a bargain compared with the company's $7.47 closing price at this time last year.
March 24, 2011 |
Brad Pitt could be coming back here to work. If the stars align - and that means celestial bodies, even more than Hollywood big shots - Philly is in line to host shooting of the film adaptation of World War Z: An Oral History of the Zombie War , the horror novel by Max Brooks. I hear that Paramount Pictures is considering a summertime start with Marc Forster ( Quantum of Solace ) directing and Pitt - who starred here 15 years ago in Twelve Monkeys - as star and producer.
March 22, 2011 |
Excerpts from the weekly Ask Gonzo chat on Philly.com with columnist John Gonzalez: Big, breaking news coming from the Phils: With Chase Utley on the mend, the Fightin's have altered their (food) roster and brought in Tastykakes. This season at Citizen's Bank Park, you'll be able to buy Butterscotch Krimpets, chocolate cupcakes, sugar-free snacks and, my favorite, Kandy Kakes. It's a mind-blowing move. I think we can all agree that if Utley were healthy, this wouldn't have happened.
January 14, 2011 |
Tasty Baking has until 2 p.m. Friday to either make a loan payment that was due Jan. 1 or reach a deal with its banks, giving the beleaguered maker of Tastykakes more financial breathing room. The company had no comment Thursday. Neither did the lead bank, Citizens Bank of Pennsylvania. One possibility Friday, industry observers said, is that the banks will grant a 30-day extension of the forbearance agreement disclosed last week, when Tasty said it was in a liquidity squeeze because of production problems at its new $78 million bakery at the Philadelphia Navy Yard.
January 6, 2011 |
YEARS FROM NOW, I will remember where I was when I heard yesterday's shocking news. I was sitting right here at the Daily News when I learned that Tastykake, financially teetering after a brutal fourth quarter, announced that it may have to merge with another company or - gasp! - sell itself. Merge this Philadelphia icon with some out-of-town pretender pushing snacks like Drakes or, Lord help us, Little Debbie? Gag me with a cupcake. Or sell it? Hell, as long as we're peddling our local treasures, why don't we put the Liberty Bell on Craigslist?
October 29, 2009 |
At the Franklin Institute - make that the Phranklin Institute - administrators found a unique way to honor the Phillies: They've put one of Jayson Werth's game-used bats in the hands of the plastinated, baseball-playing specimen in the "Body Worlds 2 and the Brain" exhibit. Which gives a whole new meaning to "the dead-ball era. " "Body Worlds" is the controversial show that displays real corpses, their skin removed to show internal organs. Wear Phillies garb on World Series game days and get $2 off the admission fee. P as in 'pretzel' or 'Phils'?