The city was engulfed in a cloud of black smoke during the fire at Speedibake, on Westgate Retail Park, yesterday afternoon.
At peak, more than 140 firefighters were on site to battle the blaze, which covered more than 75 per cent of the building.
Nearby residents and shops, including The Ridings Shopping Centre, were evacuated as a precaution during the blaze.
Footage of the site, captured by a drone earlier today, shows severe damage to the building.
Though the fire is now under control, a local nursery and primary school have taken the decision to remain closed to all pupils tomorrow (Monday, February 3).
Wakefield Council confirmed on Twitter that Lawefield Primary School, which is located just a few hundred metres from the site of the fire, will be closed, alongside Little Learners Lawefield Private Day Nursery, which is located on the site of the school.
In a Facebook post, the nursery said: "Due to the proximity of the fire today at Speedibake we have taken the decision to close the nursery on Monday the 3rd of February so we can properly asses the risk.
"We apologise for any inconvenience this will cause but the safety of the children and staff is our main priority. We will provide further updates on this page as soon as we have them."
For further information, contact the schools or visit the Wakefield Council website.