Financial troubles continue for the maker of TastyKakes as the company’s stock dropped more than 10 percent yesterday following its request for a 15-day extension to file an annual report.
Tasty Baking Co. requested the extension Friday from the Securities and Exchange Commission, citing the need to finalize its financial statements. In January, the snack-food maker said it would pursue a sale or additional financing because of production problems at its new South Philadelphia bakery along with one of its biggest customers, Great Atlantic & Pacific Tea Co., filing for bankruptcy.
The company received a $2 million loan from the Pennsylvania Industrial Development Corp. in January, but has yet to find a suitor or additional capital.
Tasty said its filing will include a paragraph from an independent accounting firm expressing “substantial doubt about the Company’s ability to continue.”