New management announced Toronto\'s Mr. Christie\'s Bakery will close next year to allow for condominium development and 550 employees will be let go. The 625,000-square-foot factory across a boulevard from Lake Ontario in the city\'s west end was owned and operated by Kraft Foods Inc., but was taken over by subsidiary Mondelez Canada last month as part of a Kraft restructuring, the Toronto Star reported. The company said it will close the 27-acre facility in 10 months and has already applied for a zoning change to allow for condominium development, the newspaper said. Production will be shifted to a Mondelez plant in eastern Toronto and another in Montreal. There was no provision for relocation of employees, the Star said. The factory is surrounded by lakeside condos, which was a factor in the decision to close it, Alvaro Cuba, Mondelez vice president of operations, said in a release. \"This is a difficult decision, given the role this facility has played within our organization and in the community for 64 years,\" Cuba said. \"However, the plant faces some unique challenges resulting from the changing neighborhood surrounding the facility.\"