Interstate Bakeries yesterday filed for bankruptcy, a casualty of a changing US diet that cut demand for carbohydrate-rich breads and cakes such as the 74-year-old company's Wonder Bread and Hostess Twinkies.
Diets such as the Atkins programme has eroded revenue.
Chief executive James Elsesser quit and was replaced by turnaround specialist Antonio Alvarez, according to chapter 11 papers.
Interstate, the largest US wholesale baker, listed $1.63 billion (R10.6 billion) of assets and $1.32 billion of debts in the filing.