I don't believe that bread is "bad" (after all, over the centuries man has subsisted on some sort of bread and it's a staple of many diets in many different forms (tortillas, lavosh, 'johnny cake', matzoh and so on).
It's all a matter of portion control...if you can limit your intake to a slice or two and count it into your daily calorie intake for a day - then go for it! Given that - make sure you read labels and get the healthiest bread you can find - just because the label says "wheat" doesn't mean it's better than the white next to it...KWIM?
I don't care for the 'light' breads - they taste like air to me.
I'm not familiar with Pepperidge Farm bread (not sold in my area - we do have their cookies, crackers, etc) but I would check the label, definitely. Try and find a bread with high fiber, low sugar that still tastes good - I live in Foodie Central (SF Bay Area) and I think we have some of the best bread around

(she said modestly). I couldn't imagine TOTALLY removing it from my diet - but I don't keep it around the house as a staple 'cos I'm one of those "it's the whole loaf or nothin'" people

However if I'm at a good restaurant or at a special dinner and there's some good bread - I'll indulge! Like I said, it's all portion control and moderation...