Twinkies maker Hostess plans to go out of business |
| Toronto Sun - Nov 16, 2012 |
Hostess Brands Inc, the bankrupt maker of Twinkies and Wonder Bread, said it had sought court permission to go out of business after failing to get wage and benefit cuts from thousands of its striking bakery workers.
Hostess, which has about $2.5 billion in sales from a long list of iconic consumer brands of snack cakes and breads, said it had suspended operations at all of its 33 plants around the United States as it moves to start liquidating assets.
“We’ll be selling the brands and as much of the infrastructure as we can,” said company spokesman Lance Ignon. “There is value in the brands.”
Hostess said a strike by members of the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union that began last week had crippled its ability to produce and deliver products at several facilities, and it had no choice but to give up its effort to emerge intact from bankruptcy court.
The Irving, Texas-based company said the liquidation would mean that most of its 18,500 employees would lose their jobs.
Read Full Article from Toronto Sun
- Posted: 2012-11-16 14:56:43
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