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Bermuda Bakery Issues Letter to Shareholders
Dear Shareholder,
Subsequent to the closing and approval of the year 2003 annual accounts, the Board of the Bermuda Bakery Ltd. has announced on May 7, 2004 that the Company is closing its Bakery Division, Bermuda Bakery (Operations) Ltd., effective June 4th, 2004.
Continued declining sales, escalating costs, and increased competition have resulted in unsustainable losses in the Bakery Division in recent years, and have contributed to the decision to close the Bakery Division.
This decision to close was made after a comprehensive review of all the options available to stem the losses in the Bakery Division and to protect Bermuda Bakery's other revenue streams and assets. This decision also balances the needs of all our stakeholders including you, shareholders, our customers, and our employees.
As part of the decision to close, we have completed negotiations with a company to be known as Bermuda Breads Ltd., for the purchase of some of the Bakery Division assets. Bermuda Breads Ltd. is expected to start delivery of our most popular brands Sunbeam, Roman Meal, Nature's Own and ButterCrust on Monday June 7, 2004.
Once an orderly winding up and of the Bakery Division is completed, the Company will inform you of the future plans for the Bakery property and the Company.
James A. Pearman
Chairman of the Board