Tastykake company in Philly is in BIG TROUBLE...

[PCIntern]

http://www.philly.com/philly/blogs/inq-phillydeals/Tasty-delays-SEC-report-cites-accountants-warning.html



Failure is near, Tastykake accountants warn
Shares of Tasty Baking Co., maker of Tastykakes, slipped to a 28-year low today after the Philadelphia snack bakery told the SEC in this filing late Friday that "the Company is unable to file" its 2010 annual report on schedule because it's busy trying to sell the firm.
In January the company said it had made deals with its banks, state agencies, landlord Liberty Property Trust, and other creditors to delay payments while it looks for a buyer to take over the company or some other "possible strategic and financial option."

That followed the failure of Tasty's new state-subsidized South Philadelphia bakery to meet initial sales targets; higher ingredient costs; and the bankruptcy of A&P, a major supermarket customer. The creditors gave Tasty until June 30.


The company said it still hopes to file its annual report within the next two weeks. But it warned it's likely to "include an explanatory paragraph from the Company’s independent registered public accounting firm expressing substantial doubt about the Company’s ability to continue as a going concern."



Read more: http://www.philly.com/philly/blogs/inq-phillydeals/Tasty-delays-SEC-report-cites-accountants-warning.html#ixzz1Hvso4lgh
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Many years ago, Tastykake was terrific, but the additives in the products, the high cost of ingredients, and the 'need' to distribute far and wide, i.e. the use of preservatives, has damaged the brand badly. There are not many things uniquely Philly: soft pretzels, cheesesteaks, The Curtis Institute of Music, the Liberty Bell, Independence Hall, Betsy Ross House, and Tastykake come to mind. Sad...the pies, tandy takes (now "kandy kakes" - ugh!), and the chocolate juniors were my favorite when I was a kid here. Everyone, nearly, had one in his or her lunchbox daily, thus contributing to our obesity, but also to our rich heritage.

[aquart]

1. I'm so sorry.

I don't buy them because they taste awful, but I hate any American company to fold.

[PCIntern]

5. they really do suck now...

they have an afterburn which they never did in the old days...

[aquart]

14. Lotta stuff tastes that way.

Fortunately, I'm poor so I have to cook my own desserts. Hot scratch chocolate pudding on a cold, dark night....so good!

[Ken Burch]

9. They should rename themselves "SukkyKake".

n/t.

[MiddleFingerMom]

22. My folks were from Philly originally (we moved to Connecticut and Michigan later)...

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There were several uniquely Philly products (at least Northeastern region) that were
unavailable back in the 60's and possibly the 70's in most other parts of the country.
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Whenever relatives drove "out West" to visit (Michigan, lol), they were REQUIRED to
bring at least half-a-trunkful of Scrapple (BLECH), Tastykakes (chocolate juniors and
butterscotch krimpets YUM!!!), cream soda (yes -- a regional beverage back then),
and a good-sized sack of cheesesteaks and hoagies. And HUGE 3-lb tins (pictured
below) of Charles Pretzels (sadly, defunct since the 90's).
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If they had arrived without these products, I'm really convinced they would have
been told to go back and get them. But they NEVER disappointed... I believe they
KNEW they were on a truly sacred mission.
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I think the national marketing of Tastykakes did exactly what you said for exactly
those reasons -- they became run-of-the-mill "industrial" product.
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Back in the 90's, I flew from my home outside of Philly to Tucson to visit my folks.
I brought a really good Italian hoagie for MiddleFingerMomDad. My first leg had to
land unexpectedly, bringing the total number of planes I had to get on to three...
and the jumps were so short, NONE of the three served anything more than a bag
of peanuts. I was fucking STARVING.
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MiddleFingerMomDad never knew how close I had come to telling him that I had only
been able to afford to bring him HALF of a hoagie.
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[PCIntern]

26. Great stuff!!

charles Chips used to deliver to other kids' houses...we couldn't afford to do that, but the pretzels were the best except for Tritzels Pretzels which were really thin, slightly burned, and so frigging salty they'd burn your tongue!

This was a really neat place to grow up, food-wise...

[aquart]

64. Parties with cans of Charles Pretzels!

And I loved cream soda. But the only time I was ever in Philly was a school trip.

Cream soda with my Katz's hot dogs.

[stockholmer]

2. sorry, have to lol at this ----> "Mexican-owned Group Bimbo....potential buyer"

:rofl:

[PCIntern]

3. Unbelievable, isn't it? Typical Philly fallout...sucks... n/t

[jmowreader]

8. Grupo Bimbo is about the only buyer who COULD buy them

http://en.wikipedia.org/wiki/Grupo_Bimbo will show you what this company--which has bought so many other bakeries they're now the biggest baker in the world--currently owns.

Yeah, the name has ANOTHER meaning in the US (remember the old joke "who decided to let the Chinese name their company Wang?") but they've got their act together. And Marinela cookies are the BOMB, man!

[Ken Burch]

10. They must have a HOT corporate logo, though...

n/t.

[WolverineDG]

36. Bimbo is a bear

:eyes:


dg

[Phentex]

41. and it's pronounced Beem-bo...

:)

[stockholmer]

61. our most famous childrens cartoon here in Sweden is also a bear-- Bamse

http://www.youtube.com/watch?v=E3Kx-Ks4FA8

[AlabamaLibrul]

66. Beem-bo, basically means bread, or at least equals it now. They make good bread, too. n/t

[Warpy]

4. I used to get them as a treat in my lunch box

when we lived outside DC. I tried them many (many many) years later on one of the treks between Boston and Florida and was stunned by the change. I didn't even finish it.

Nobody wants to buy them because cheapening their product cheapened their name.

[Ken Burch]

12. The concept is called "salami-slicing"

The idea is, if you slowly switch to cheaper and shoddier ingredients, the customers who are buying the stuff all the time won't notice.

It's like political gradualism, or "frog-boiling".

(And, if they've gradually added salami and boiled frog to their "kakes", that explains a lot of their troubles.)

[monmouth]

13. Me too. Back in the '50s the chocolate ones were the best...Too sad...n/t

[SoCalDem]

6. It's too bad these companies cannot "rewind" and go back to what they were before they

enlarged so much.. This happens all the time to local companies who branch out beyond reason..:(

[PCIntern]

11. Horn and Hardart did it too....REALLY SAD!!!!! n/t

[Bonhomme Richard]

16. H & H..now you are really rubbing it in. n/t

[nc4bo]

34. My mom used to bring home the mac n cheese and stewed tomatoes. Yum. nt

[PCIntern]

37. Hot Apple Pie in Vanilla Sauce for Me!!!

which you can still get at the Melrose Diner...almost as good.

[nc4bo]

46. Do you remember Spatini spaghetti sauce mix? Came in small box w/3 packs of mix in it.

I think you had to use tomato paste and water to make sauce.....

Ahhh......memories.

[Bonhomme Richard]

49. I was telling my wife that growing up that stuff was all I knew

of spaghetti sauce until my brother married an Italian from Upper Darby.

[nc4bo]

58. LOL! Well, it was "homemade" hehehe. nt

[redwitch]

60. My mother used to sing about Spatini!

I looked for it a few years ago and found that it no longer existed. Too sad.

[surrealAmerican]

59. I don't remember any of their food ...

... I just remember how much fun it was to go to the Automat.

[nc4bo]

7. Nooooooooooooooooooooooo.

Whenever we go back up the way, we always stop at Wawa and pick up some Tastykakes and soft pretzels to take home.

:cry:

[Bonhomme Richard]

17. I used to by a bag (8) on Robbins Avenue for a buck and drive....

across the Tacony Palmyra bridge and eat them all for lunch with an orange soda...those were the days.

[PCIntern]

21. Jeez...wow...Frank's Orange soda...

I was partial to Black Cherry Wishniak

[nc4bo]

29. Oh you guys are killing me. Orange and black cherry were delicious!

We also had a thing for Hires rootbeer.

[PCIntern]

30. do you know what made the orange so good?

Glycerated ester of wood rosin.

No-frigging-lie.

[nc4bo]

35. OMG!! nt

[jberryhill]

65. No wonder it tore up my stomach every time

[tomm2thumbs]

67. a list you might take a gander at then...

http://en.wikipedia.org/wiki/Glycerol_ester_of_wood_rosin

notes 'soft drinks' along with Hawaiian Punch, Gatorade and Minute Maid

[Manifestor_of_Light]

39. Do they still make Hires root beer?

I thought it was the best and I'm in Texas.

But then Dad turned me on to the stuff. He was a damnyankee from NE Ohio.

[nc4bo]

45. They might. Whenever we raid the stores for Habersett's(sp) scrapple (LOL)

and Carson's dry beef, we try to look out for the good memory stuff.

That root beer used to be sooooooooo good, nothing like it.

Going back up in April and now you'll have me looking around to see if it's still around.

BTW, we used to love Spatini spaghetti sauce mix. Came in a box with 3 packages in it. Loved that too.

[Bonhomme Richard]

51. Nobody makes scrapple like Habersett's.

I still love it. Sometimes plain and sometimes coated in flour.

[nc4bo]

57. Drooling thinking about it! nt

[TorchTheWitch]

42. my dad practically lived on the Black Cherry Wishniak

If there was only one left in the fridge he went into a panic and set up 24 hour guard around the kitchen lest one of us drink it before he could buy more.

The only Tastykake I can stand anymore is the chocolate junior. I only have one maybe once a year and the last one I had was pretty bad. I doubt if I'll try again. I don't know what they did to them but they're entirely different then when I was a kid. I used to love the butterscotch krimpets, but they long ago screwed them up and I haven't had one for years and years.

[Bonhomme Richard]

15. I grew up on them, as a matter of fact I had the chocolate...

cupcakes today in CT. I don't think they were ever the same when they got rid of the wax paper packaging. The formula change, I was told that they used to use lard, did them a lot of harm and even the chocolate isn't the same. Even so I would be sorry to see them close. For work I used to go to their plant, I think off a Broad Street, about once a month. Then again maybe I am getting the plant confused with the Budd plant...it's been a long time.
Being from the city line area I have to get my Philly fix of soft pretzels, cheesesteaks w/xtraFO (never been to Pat's and never even heard of cheeswiz on steaks when I was a kid), and, of course tastycakes.

[Bonhomme Richard]

18. Still have a house at the Jersey shore so I get to catch up....

during the summer.

[PCIntern]

20. 'Twas near the Budd plant..

now it's in the Navy Yard complex...

[formercia]

23. I remember the Philly Navy Yard

The Roach Coach had great Sausage Subs.

[nc4bo]

31. Used to work at the Navy yard waaaaaay back when ;). nt

[formercia]

62. We were there for an engine replacement

We were moored at the head of the pier where the New Jersey was being overhauled for Viet Nam service (1966).

[Bonhomme Richard]

25. Is the Arco Go Patrol still around? n/t

[PCIntern]

33. No! lol...ARCO's been gone for a long time...

Jim O'Brien fell out of a plane too, skydiving, and his parachute didn't open properly...

[Bonhomme Richard]

48. That's funny. I was just thinking that everything changed when

Jim O'Brien died.
Interesting trivia, my cousin, a Dentist by the way, founded the original Go Patrol with another guy many, many moons ago.

[PCIntern]

54. I think you and I talked about that a long time ago...n/t

I had friends who knew him...

[onethatcares]

19. since the 70s they tasted like cardboard

specially the peanut butter tandy takes. I used to sell them in parochial school when I was a kid. Then they were the bomb.

I miss Bonomo Turkish Taffy too, where the hell did that go? Now that i think of it, I miss kopperkettle fudge too.

Jeez, don't even get me started on Italian sandwiches or ham and cheese hoagies. My wife and I bought an Italian sandwich and opened it on the plane
between philly airport and tampa. I was so sorry for those that had nothing to eat but a bag of peanuts.

[MiddleFingerMom]

32. HAHAHA -- see my "bags-o'- peanuts flights-from-hell" post above

[onethatcares]

47. ahhhh, charles chips.

I still have a can, an empty can..........................dammmmit.

It's amazing how the smell of oregano/onions/hard rolls, good lunch meats and some hot peppers can fill an airplane cabin.

I quit flying due to it being so damn expensive but I haven't given up eating yet.:hi:

[tallahasseedem]

24. I think my husband would have to

enter rehab if something happened to his beloved chocolate Kandy Kakes.

[PCIntern]

27. tell your hubby that

in the Boardroom of Tastykake, they argue whether they're kandy kakes or tandy takes to this day!!! I have that on REALLY good authority...

[Beaverhausen]

28. Nobody bakes a cake as tasty as a Tastycake

:cry:

I haz a big sad. I grew up (and out) on these things and miss them dreadfully here on the west coast.

There are a few places locally that carry them but I rarely go get them. I have to go today...

[Shagbark Hickory]

38. How much did the execs take home each year?

[Tripod]

40. k&r, to bad.

[tularetom]

43. They were awful in 1986 - hard to imagine they could have gotten worse

My brother lives in Fredneck County, MD and those things are in every grocery store and quickie mart.

I remember visiting him over 20 years ago and discovering Tastykakes. He loved them but they tasted processed to me even then.

But then I'm more of a salty snack person myself.

[Safetykitten]

44. No Butterscotch Krimpets? No Peanutbutter Tandy Cakes? This SUCKS!

[Jane Austin]

50. Why don't they try selling them beyond PA?

They're pretty good!

[Safetykitten]

52. I saw them in an LA deli once, and almost wept.

[Liberal_in_LA]

63. lol n/t

[Bonhomme Richard]

53. I also miss the Bulletin for some crazy reason. n/t

[PCIntern]

55. I was a good paper...

they had the longest presses in the world: when they cut them apart it took weeks and teams of guys from out of town to do it. Huge job.

[nc4bo]

56. I remember every Sunday morning, there'd be 3 papers on the door step...

Courier-Post, Inquirer and the Bulletin.

Grandma looooooved to read and we kids looooooved the funnies!!!