Preheat oven to 350 degrees F (175 degrees C).

Beat sugar and butter together in a bowl using an electric mixer until creamy and smooth; add eggs. Beat until batter is fluffy. Fold bread and crushed pineapple into batter; pour into a 9x13-inch baking dish. Arrange pineapple rings and maraschino cherries atop batter.

Bake in the preheated oven until lightly browned and set in the middle, 45 to 50 minutes.