PHILADELPHIA-Effective Saturday, locally based Tasty Baking Co. closed its 12 remaining Tastykake thrift stores. Eight are in Pennsylvania, three in New Jersey and one is in Maryland.

The eight Pennsylvania locations are at Progress Plaza in North Philadelphia, Grand Plaza II in northeast Philadelphia, Golden Triangle Shopping Center in Lancaster, Parkway Shopping Center in Allentown, Windsor Park Shopping Center in Mechanicsburg, Ames Shopping Center in Reading, Park Center in Scranton/Dickson City, and Mundy Plaza in Wilkes-Barre.

Additional units were in Cinnaminson, Blackwood, and Vineland, NJ and in Dundalk, MD.

“The projected cost of maintaining thrift store operations in the current format as stand-alone retail stores through 2003 greatly exceeds theprojected revenues,” says John M. Pettine, executive vice president and chief financial officer, in the company’s fourth-quarter 2002 update.

The units were run by owner-operators. Pettine says the company will “continue to evaluate ways to improve profitability for the company and our owner-operators.”

The fourth-quarter update of the publicly traded company also announced the hiring of Charles P. Pizzi, a former member of the Pennsylvania Convention Center Authority, as its new president and chief executive officer.

Tasty Baking operates two bakeries in the mid-Atlantic region and distributes its products in 49 states under the Tastykake brand. It anticipates a net loss of between $3.5 million and $4.4 million for the year, according to its fourth-quarter report.

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