KANSAS CITY, MO. (AP) - Financially struggling Interstate Bakeries Corp. has filed for bankruptcy.
The Kansas City Star says the company, the nation's largest bakery, filed electronically for Chapter 11 bankruptcy reorganization in U.S. Bankruptcy Court in Kanas City shortly after midnight.
It listed assets of $1.6 billion and liabilities of $1.3 billion.
Interstate Bakeries has more than 50 bakeries nationwide, including one in Biddeford.
The company, best known as the maker of Wonder Bread and Hostess Twinkies, employs about 34,000 people.
The company has been grappling for months with issues ranging from soft sales due to the popularity of low-carb diets to internal operational problems.
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