Everything about Interstate Bakeries Corporation totally explained
Interstate Bakeries Corporation (IBC) or Interstate Brands Corporation is the largest wholesale baker and distributor of fresh bakery products in the
United States, and is the owner of the
Hostess,
Wonder Bread,
Dolly Madison,
Butternut Breads, and
Drake's brands. It is based in
Kansas City, Missouri.
It was formed in
1995 by the buyout of
Continental (number one baker at that time) by Interstate Brands Corporation (number three baker) from the
Ralston Purina Company. A large portion of the payment was in stock. Shortly after the buyout, the stock jumped significantly. Ex-Merita Baking head, Charles Sullivan, became the CEO. Butternut and Wonder Bread operated with different cultures: Butternut was seat-of-the-pants, with each bakery a self-contained profit center; Wonder Bread was very "procedural and by-the-book." This caused some problems early on. In both cultures, snack cakes were more profitable due to "
economies-of-scale and logistics." When extended-shelf-life enzymes were developed for bread, the hope was to convert the system of many small inefficient bakeries into an efficient network of a relatively few giant bakeries like their snackcakes operation. Bad luck intervened; the old resurrected
Atkin's diet and
Krispy Kreme doughnuts affected pricing and sales volume.
On
September 22,
2004, Interstate Bakeries filed for
chapter 11 bankruptcy. The company also named a new chief executive. James R. Elsessor, who had taken over as CEO for Charles Sullivan, was replaced by Tony Alvarez. Interstate Bakery's stock, which had been at one time $34/share, fell to $2.05/share as they declared bankruptcy. This is currently the longest bankruptcy in US history. The company has been financed until September which then should allow IBC to come out of bankruptcy.
The Brands of Interstate Bakeries Corporation
In the
United States, these include:
Other Brands Manufactured by IBC
Marie Callender’s
Holsum
Sunbeam Bread
Sun-Maid
Roman MealFurther Information
Get more info on 'Interstate Bakeries Corporation'.
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