Tasty Baking (TSTY), the maker of Tastykakes, said it is looking at options including a merger or sale as the company feels the pressure from declining sales.
The company is also facing "unanticipated operational challenges" related to its bakery in Philadelphia's Navy Yard, CEO Charles Pizzi said, according to The Associated Press. The company has now lowered projected savings in the fourth quarter to $10 million from $13 million.
Tasty Baking also cited a bankruptcy filing by the owner of A&P, Super Fresh and Pathmark grocery chains as well as rising commodity prices as contributing to the financial pressure.
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