Bakers & Co., the largest bakery chain in the U.S., said it will close all of its grocery stores by the end of the year and reduce its workforce by 1,000 jobs.
The chain, based in Springfield, Mass., will close more than 50 of its stores and reduce the size of its workforce to just a few hundred workers, according to the company.
The company’s chief executive, Michael W. McDonough, said in a statement that the company would not be able to maintain its current operating margins and its revenue growth rate.
McDonough also said that the chain will no longer offer its customers a free delivery option, as many had been requesting.
It also will close stores at the end.
McDONOUGH’S BAKER’S &, CO., said in the statement that its goal was to continue to be an economic engine and continue to serve our loyal customers, and that we were committed to being a positive part of our communities.
McDonald’s is the fourth largest U.K. supermarket chain by sales.
The chain has been struggling with declining sales, as shoppers have switched to cheaper food options and convenience stores.
McDermott has previously said that he wants to eliminate his company’s grocery business and focus on his personal brand of fast-casual, low-cost, quality food.
In a statement, McDonogh said that “I am committed to creating a new, independent and more sustainable business and that is what we are going to do in the coming months and years.”
said it expects its customers to make the switch to its own menu in the new year.