The operation, which employs 105 people, produces bread and English muffins under the Ben's, Dempster's, Villaggio and private label brands.
The company, a subsidiary of Mexico's Grupo Bimbo, says the bakery will begin winding down in June and close completely in November.
Canada Bread says it will continue to produce products under the Ben's brand in Atlantic Canada.
Most production will be consolidated at Canada Bread's bakeries in Moncton and Woodstock, N.B., with 35 jobs being created in that province.
The company says affected employees will receive severance packages as well as counselling and ongoing outplacement services and workshops.