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Twinkie Maker Hostess to Close
WSJ ^ | November 16, 2012, | RACHEL FEINTZEIG

Posted on 11/16/2012 8:17:04 AM PST by radar101

Hostess Brands is seeking to liquidate. Hostess Brands Inc., the maker of iconic treats such as Twinkies and traditional pantry staple Wonder Bread, said Friday it is shuttering its plants and firing about 18,000 workers as it seeks to liquidate the 82-year-old business.

The company, which filed for Chapter 11 in January, said it has requested bankruptcy-court authorization to close the business and sell its assets.

A victim of changing consumer tastes, high commodity costs and, most importantly, strained labor relations, Hostess ultimately was brought to its knees by a national strike orchestrated by its second-largest union.

The work stoppage, launched Nov. 9 by the Bakery, Confectionery, Tobacco Workers and Grain Millers Union to protest a fresh labor contract, affected about two-thirds of Hostess's 36 plants. The striking workers, which number in the thousands Hostess said in court filings on Friday, were making it impossible for the Irving, Tex., company to continue producing its baked goods, Chief Executive Gregory Rayburn said.

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy; Crime/Corruption; Government; News/Current Events
KEYWORDS: classwarfare; hostess; obamanomics; twinkies; union; uniongreed; unions
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To: be-baw

>> “Unemployed and eligible for 99+ weeks of unemployment checks.” <<

.
Not after the “cliff.”


51 posted on 11/16/2012 9:45:39 AM PST by editor-surveyor (Freepers: Not as smart as I'd hoped they'd be)
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To: radar101

You can’t shut down Ho Hos just before Christmas!


52 posted on 11/16/2012 9:47:54 AM PST by TBP (Obama lies, Granny dies.)
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To: Safrguns; molson209
The company is also seeking permission to pay a group of 19 managers bonuses ranging from 25% to 75% of their annual base compensation. Those payments would total up to $1.75 million, the company said. In addition, it wants to pay 3,200 employees bonuses equal to 25% of what they will earn from Friday until their wind-down-related duties are completed. Those payments would total $4.36 million.

I think you are wrong about Obama not getting involved.

Obama may have wanted this but if he did it would be specifically so he could once again stick it to the rich capitalist and give another company to the oppressed worker.

I expect either Obama or his attack dog for labor the National Labor Relations Board to jump in to this fight to make sure that the Unions get the bulk of monetary assets of this company’s worth.

The legal rights of investors and bond holders will be trampled in favor of unions with little in the way of rights in bankruptcy.

I think that the idea of managers getting bonuses while the union members get nothing will enrage Obama the true believer in Workers of the World Unite.

53 posted on 11/16/2012 10:32:11 AM PST by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spirit.)
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To: Cletus.D.Yokel

You have a problem with the truth? I think the WSJ was being kind to list those other factors. Other companies that make a similar product do not have the same problem. the only variable is the union.


54 posted on 11/16/2012 10:37:12 AM PST by stoneyhll (If I am to err, let me err on the side of freedom)
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To: Pontiac

>>> I think you are wrong about Obama not getting involved.

Wouldn’t be the first time I was wrong about Obama.

My point was intended to be more generalized.

His overall intention is economic collapse.

This particular case with Hostess is only part of the bigger picture.

Will Obama jump in? Maybe... but his heart won’t be in it like it would be before the election.


55 posted on 11/16/2012 10:48:19 AM PST by Safrguns
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To: Ladysforest

Seems like all I heard today on FOX was several of their
FOXy blonde newsbabes reminiscing about how many Twinkies
they’d eaten as little girls visiting “Nana”,and they’d return home visibly fatter after the visit, or the Pb&J
sandwiches, with an apple and a Twinkie they’d bring in their lunchbags to grammar school....it was kind of funny,starting with Megyn Kelly at least three of them got into the act, all with a fond look in their eyes which suggested “The End of an Era”.Megyn herself managed to do a 3-part reminiscence in installments-—every time they came back to her on the broadcast she’d add a little something.


56 posted on 11/16/2012 8:52:02 PM PST by supremedoctrine
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