Skip to comments.Twinkies Maker Will Close After Strike
Posted on 11/16/2012 4:34:48 AM PST by RabidBartender
Hostess Brands Inc., the maker of the iconic snack, announced today that it will liquidate the entire company because not enough striking employees returned to work by a Thursday evening deadline set by the company.
"We deeply regret the necessity of today's decision, but we do not have the financial resources to weather an extended nationwide strike," said Gregory F. Rayburn, chief executive officer. "Hostess Brands will move promptly to lay off most of its 18,500-member workforce and focus on selling its assets to the highest bidders."
Hostess said it will seek bankruptcy court permission to close its business and sell its assets, "including its iconic brands and facilities. Bakery operations have been suspended at all plants."
"The Board of Directors authorized the wind down of Hostess Brands to preserve and maximize the value of the estate after one of the Company's largest unions, the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (BCTGM), initiated a nationwide strike that crippled the Company's ability to produce and deliver products at multiple facilities," the company said in a statement.
"We simply do not have the financial resources to survive an ongoing national strike," Rayburn said in a statement Wednesday. "Therefore, if sufficient employees do not return to work by 5 p.m., EST, on Thursday to restore normal operations, we will be forced to immediately move to liquidate the entire company, which will result in the loss of nearly 18,000 jobs."
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Ayn Rand was so prophetic.
Wow. Is this real? Hostess? A company that large just liquidating?
I will gladly give up frosted honey buns to see these parasitic a- holes tossed out on the streets.
Well... at least he still has his ObamaPhone, though. ;)
I saw a crawler on FOX or CNBC this morning where some union nutjub said the employees would be better off on unemployment. Real smart - I have no sympathy for the union employees (never did anyway).
Mooshell doesn’t like Hostess treats being in business fattening up our kids. Of course, she’s probably got a huge Hostess stash at the White House like JKF did with Cuban cigars before stopping trade with Cuba.
where are your jobs now idiots
Life’s little Twinkie gauge just went empty for them.
I hope none of these union goons ever finds another job!
Oops, meant JFK.
I had a brother-in-law who lost his job this way years ago. They stayed on strike for a year and a half until finally the company closed up and moved down south. 850 guys lost really great paying jobs cause they were a bunch of thugs and smart-a&&es!
I think the admin will intervene...
Nan Pelosi and Hary Reid claim that unemployment benefits are stimulative, so I guess this is further good news for the obamanomic recovery
Surely someone will buy the Twinkie brand, maybe a Canadian bakery
I guess those unions really SHOWED HOSTESS, didn’t they?!
Never mind that the pissing match cost 18,000 to lose their jobs.
Unions = IDIOTS!
Mining is the only industry in which I can understand the possible need for unions.
"Hey-Ho, Where'd my job go?"
Maybe the gubmint will step in and take over Hostess
Can’t you just see moochelle redesigning low fat Twinkies?
Was big news here yesterday that it could happen today.
When will unions realize that one of their most potent advantages, being the only game in town, doesn’t work anymore.