Tastykake Exclusive: How We Lost a Philadelphia Icon
Less than a year after the move to the promised land of the Navy Yard, Tasty Baking has been sold off to a Georgia-based baking conglomerate called Flowers Foods for $34 million. Tasty had no choice in the matter. The only other option was insolvency, a fate the company avoided in January only by the grace of a publicly funded bailout and the patience of its lenders.
May’s Philadelphia magazine will feature the saga of Tasty Baking’s century-long rise as an iconic Philadelphia company—and precipitous fall after installing politically connected Charlie Pizzi to run the company and borrowing $32 million in taxpayer money to make the move to the new Navy Yard factory.