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dang bakers union..
Hostess says " you" to the bakers union.
And that’s that: Hostess Brands, maker of Twinkies, Wonder Bread and more, announced this morning it has filed a motion with bankruptcy court to start liquidating the company immediately. A huge number of jobs are soon to be lost.
“Hostess Brands will move promptly to lay off most of its 18,500-member workforce,” said CEO Gregory F. Rayburn in the statement, “and focus on selling its assets to the highest bidders.”
In a letter posted on a new site set up to communicate with employees and suppliers through the liquidation process, Mr. Rayburn pinned the blame on its striking union:
Despite everyone’s considerable efforts to move Hostess out of its restructuring, when we began implementing the Company’s last, best and final offer, the Bakers Union chose to stage a crippling strike. This affected Hostess’ ability to continue to make products and service its customers’ needs and pushed Hostess into a Wind Down scenario. As a result, we are forced to proceed with an orderly wind down and sale of our operations and assets. We deeply regret taking this action. But we simply cannot continue to operate without the ability to produce or deliver our products.
There’s no way to soften the fact that this will hurt every Hostess Brands employee. All Hostess Brands employees will eventually lose their jobs – some sooner than others. Unfortunately, because we are in bankruptcy, there are severe limits on the assistance the Company can offer you at this time.
dang bakers union..
This is just a preview of what the Obamnation called Obamacare will bring.
Hostess/Wonder made pathogenic , good riddance.
Appears to have been badly mismanaged, so take no responsibility and blame everything on the workers.
Gonna go out and buy a couple dozen boxes of Twinkies today;
Can't do nuthin but go up in value; thirty years I can retire and live high on the hog selling those on ebay.
Wonder Bread and all Hostess crap is so full of , it won't rot in 30 years. Fungi and bacteria, smarter than American greasebags, won't touch it
Hostess will be sold off. Can't really picture Ding Dongs and Twinkies going away forever.
Me either. Some private equity firm will pick them up, sans the union obligations, and keep on trucking.
Someone will buy the Twinkie brand and revive it. Not saying the union wasn't being intransigent, but hostess had not done a great job of keeping up with the times.
I wouldn't be surprised if Obama tries to intercede and force Hostess to stay open...firing 12,500 union members will be a big deal to him...
Make way for Bimbo
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Damn, picture didn't work.
I see Bain Capital all over this one. Mitt's 2016 message will be all about saving the packaged desert industry. Keep your stinkin auto bailout.
how might he do so?
I can see Blue Team working on the "Mitt Romney killed my husband" ad as we speak.
Never heard of the Justice Department and the NLRB?
Hostess Brands, formerly known as Interstate Bakeries Corporation, is a leading wholesale baker headquartered in Irving, Texas.
It has 39 bakeries and approximately 21,000 employees. Hostess generates revenue through sales of baked goods to supermarkets, mass marketers, and convenience stores in the US.
The privately-held bread and snack food manufacturer also sells directly to consumers through Hostess Breands retail bakery outlets.
The company’s brands include Twinkies, Wonder, Home Pride, Hostess Fruit Pies, and Ho-Hos.
Hostess filed for Chapter 11 bankruptcy protection in September 2004 and emerged as a private company in February 2009.
In January 2012, It filed for its second Chapter 11 bankruptcy.
The privately-held packaged goods confectioner was burdened with 372 union agreements following its post-2004 bankruptcy restructuring led by Ripplewood Holdings, which led to Hostess' second bankruptcy filing.
As of January 2012, 83% of Hostess' 19,000 employees were unionized.
Founded in 1930 by Ralph L. Nafziger, Hostess Brands is headquartered in Irving, Texas.
http://www.privco.com/private-compan...ess-brands-inc
I'm surprised Bimbo hasn't picked it up already. They absolutely pounced on Mrs. Baird's.
Little Debbie ftw
Explain how it would work.
sure I have. walk us through the process, profe.
Not going to happen.
Hostess Brands, formerly known as Interstate Bakeries Corporation, is a leading wholesale baker headquartered in Irving, Texas.
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