The majority of jobs at Irish Pride will be saved after the majority of the company was sold to Pat the Baker on Friday.
The company which has a factory in Taghmon went into receivership in June.
On Friday Kieran Wallace and Shane McCarthy, joint Receivers and Managers of Irish Pride Bakeries successfully negotiated the sale of the majority of the Irish Pride Bakeries assets and business to Pat the Baker.
The sale of Irish Pride to Longford-based company Pat the Baker sees over 250 jobs at the company saved. However the Irish Pride plant at Ballinrobe, Co Mayo will be wound down having received no bids for the business or assets of the plant.
This will lead to about 60 redundancies at the Mayo plant and a spokesperson for the receivers said that a redundancy consultation process with the affected employees will begin straight away.
The sale of Irish Pride must be cleared by the competition authority . Irish Pride was the country's second biggest bakery business, with sales of around €50m a year. In addition to the two major manufacturing sites in Taghmon and Ballinrobe, it operated 23 regional distribution depots.
The Receivers also moved to assure customers the changes will not impact the ongoing production and supply of products.