Interstate Bakeries Corporation (IBC), incorporated in 1987, operates as wholesale baker and distributor of fresh-baked bread and sweet goods in the United States. The Company produces, markets, distributes and sells a range of breads, rolls, snack cakes, donuts, sweet goods and related products. Interstate operates 58 bakeries and approximately 1,250 thrift stores located in strategic markets throughout the United States. The Company or its predecessors have baked and distributed fresh-baked bread and sweet goods since 1927. In 1998, IBC acquired J.J. Nissen Baking Companies, My Bread Baking Co. operation in New Bedford, Massachusetts, and the Drake's Baking Company. In conjunction, the Company acquired brand names such as Devil Dogs, Ring Dings, Yodels and Yankee Doodles. In September 2004, IBC filed for Chapter 11 bankruptcy. The Company produces, markets, distributes and sells white breads, variety breads, crusty breads, reduced-calorie breads, English muffins, croutons, rolls and buns under a number of national brand names, including Wonder, Home Pride, Bread du Jour, Mrs. Cubbison's and Marie Callender's. Regional brand names include Beefsteak, Brown's Classic, Bunny, Buttermaid, Butternut, Colombo, Cotton's Holsum, Country Kitchen, Di Carlo, Eddy's, Emperor Norton, Grandma Emilie's, Holsum, J.J. Nissen, Merita, Millbrook Farms, Parisian, Roman Meal, Sunbeam, Sun-Maid, Sweetheart, Toscano and Weber's. Snack cakes, donuts, sweet rolls, snack pies, breakfast pastries, variety cakes, large cakes and shortcakes are also sold under a number of national and regional brand names, including Hostess, Drake's and Dolly Madison. The Company's various brands are positioned across a wide spectrum of consumer categories and price points. Some of its products are sold under brands that IBC has licensed from others on terms that are generally renewable at the Company's discretion. These licensed brands include Bunny, Cotton's Holsum, Holsum, Marie Callender's, Roman Meal, Sunbeam and Sun-Maid. The majority of the Company's bread sales are through national mass merchandisers and supermarkets, while its sweet goods are sold principally through national mass merchandisers, supermarkets and convenience stores. IBC distributes its products in markets representing approximately 90% of the United States population, with its strongest presence in southern California, the Pacific northwest, the upper midwest, the northeast, the mountain states, the middle Atlantic states and Florida. The Company's fresh bakery products are delivered from its network of 58 bakeries to its more than 1,000 distribution centers. The products are then delivered primarily to national mass merchandisers, supermarkets and convenience stores by IBC's sales force on its approximate 9,300 delivery routes. Dated bread products are delivered to the Company's thrift stores for retail sale. Thrift store sales represented approximately 13% of its net sales during the fiscal year ended May 31, 2003. Sara Lee Corporation, George Weston Limited, Flowers Foods, Inc. and Grupo Bimbo, S.A. are the Company's largest bread competitors, each marketing bread products under various brand names. George Weston Limited, Grupo Bimbo, S.A., McKee Foods Corporation, Tasty Baking Company and Krispy Kreme Doughnuts, Inc. are its main competitors with respect to sweet goods sales.