Posted on 04/26/2013 5:55:33 PM PDT by markomalley
The bankrupt assets of Hostess Brands, Inc., the company responsible for Twinkies, Ho Ho's, Sno Balls and Ding Dongs, are being put back to work by a buyout firm. What's not being put back to work are the former Hostess unionized employees.
The unionized workers had been on strike when the company folded late last year.
The company had imposed a contract that would cut its 19,000 workers' wages — 15,000 of whom belonged to the workers from the Bakery, Confectionery, Tobacco Workers & Grain Millers International Union (BCTGM) — by 8 percent. (The Teamsters was Hostess' largest union, followed by BCTGM.) The contract would have also cut benefits by 27 to 32 percent.
Hostess filed for Chapter 11 in January 2012. In November 2012, the company announced it would be shutting its doors for good. By that time, it had lost about $1.1 billion, largely due to bankruptcy filings.
But last month Apollo Global Management, LLC, and Metropoulos & Co., which owns Pabst Blue Ribbon and Vlasic pickles, bought the 83-year-old company for $410 million, renaming it Hostess Brands LLC. It is planning to re-open four bakeries over the next two and a half months, in Columbus, Ga.; Emporia, Kan.; Schiller Park, Ill.; and Indianapolis. It is also contemplating a fifth in Los Angeles.
(Excerpt) Read more at abcnews.go.com ...
Painful! Teach that writer some basic grammar. Yuk!
bon apetit, campers
Schiller Park...they’ll have a line 2,000 deep when they start taking applications.
Good news. Without a union, they are free to manage their company without the deadweight of parasitic unions. If they treat their new employees fairly, pay them competitively and allow them to fulfill their aspirations, they will be giving them more than a union ever could.
The union playing hardball during collective bargaining really worked out well, didn’t it?
The bakery union got multi billion dollar benefit from the TAA program
Seems like the union thugs got the last laugh..
Read it and weep.....
They’re going to open a plant in LA?
Couldn’t they find anywhere else in the west with higher taxes and more regulations?
Schadenfroh.
Another link.....
Yup taxpayers are paying these union slugs up to $10,000 a year for two years....
Union sure showed them!
Perhaps we are seeing the spark of a new business paradigm. Structured bankruptcy to dislodge parasites like a breaching whale, then reconsolidate operations without the troublemakers.
(In fairness, I think it was only one union that took it down. The other unions had agreed to concessions.)
Is that why they lost their jobs? Twinkies went global? Nope.
MUST...HAVE...HOHOS.....
Imagine what a union-free ding dong would be like!
I'm sure he is working on that even as we speak.
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