To say that something is “toast” means that it’s a failure. A popular pun is:
 
“My friend’s bakery burned down last night. Now his business is toast.”
 
“Did you guys hear about the bakery that caught on fire?  Their business is toast” was cited on Twitter on October 29, 2010. The joke became popular when it was posted on the website Pun of the Day on April 21, 2014. The joke has been printed on several images.
 
 
Twitter
John Forbis
‏@johnforbis
Did you guys hear about the bakery that caught on fire?  Their business is toast.  ha ha ha ha ha
9:19 PM - 29 Oct 2010
 
Twitter
Terry Dexter
‏@GolfFanboy
My friend’s bakery burned down last night. Now his business is toast.[Click to Vote!]
  - lol
2:02 AM - 21 Apr 2014
 
Twitter
Tulleuchen ‏@tulleuchen 21 Apr 2014
My friend’s bakery burned down last night. Now his business is toast.[Click to Vote!]
http://tinyurl.com/jvt3r4h
 
reddit
My friend’s bakery burned down last night. Now his business is toast. (self.showerpuns)
submitted October 16, 2014 by JorddyK
     
Google Books
April 2015, The Raven Review, “April Fools’ Jokes,” pg. 20:
My friend’s bakery burned down last night, now his business is toast!
 
reddit
My friend’s bakery burned down last night
submitted December 3, 2015 by nottsopunny
Now his business is toast
 
reddit
My friend’s bakery burned down last night.
submitted June 13, 2016 by dhananjay_s
Now his business is toast.