Northern Foods plans to axe almost 700 jobs when it shuts its bakery in Manchester later this year.
The firm said it expects to close down Trafford Park Bakery by December after losses of £3m in 2005-06.
The company, which produces Fox’s Biscuits and Goodfella’s pizza, said it would be consulting staff before the site closure was confirmed.
The move follows the announcement of two profit warnings in May after poor sales.
The company also said it would be selling businesses that account for 40% of group revenue.
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