One of the nation's last big independent bread bakers, Yarrows (The Bakers) Limited, has gone into receivership.
The Taranaki company, the single largest employer in Manaia, a tiny South Taranaki town with a population of just 1009, is now in the hands of chartered accountants and advisers BDO.
Receivers Brian Mayo-Smith and Andrew Bethell said other companies in the Yarrows Group operating in Rotorua and Australia were unaffected and continuing to trade as normal.
"The receivers are planning to continue to trade the company to provide uninterrupted supply to its customers, ultimately securing a sale of the business," they said.
Staff were being informed at a meeting involving union representatives this afternoon.