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September 5, 2004
Twinkies on the brink
Last week, Twinkie-maker Interstate Bakeries Corp. delayed filing its annual financial report for the second time, causing its stock to drop more than 42% on speculation about the company's ongoing viability and possible bankruptcy.
What?
Twinkies bankrupt?
How can this be?
The company now has until September 26 to file its annual report or trigger a cascade of events that could well plunge it into deep cream filling and Chapter 11.
Problems with data entry into the company's new computer system - am I the only one who hears a dog burping after eating someone's homework, way in the background? - are being blamed for the delayed filing.
Also hurting Interstate are consumers jumping onto the low-carb bandwagon.
Interstate's other brands, among them Wonder Bread and Marie Callender's, are also suffering.
Shares of Interstate closed at $4.56 on the New York Stock Exchange, a new all-time low.
The company's 52-week high was $16.88 in March, just six months ago.
When it rains, boy, it sure makes for soggy Twinkies.
September 5, 2004 at 03:01 AM | Permalink
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