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By Catholic Online (NEWS CONSORTIUM)

11/16/2012 (2 years ago)

Catholic Online (www.catholic.org)

Snack Food Company also made Ding Dongs, Fruit Pies and Wonder Bread

18,000 jobs GONE. There will always be Twinkies. The snack food staple is just too iconic to roll over and die without protest. Chances are, Twinkies will be produced until the Apocalypse, even past the Apocalypse, and they will not be the real Twinkies, but they will be called Twinkies. On a much more serious note - the North Texas-based Hostess Brands, Inc., the company that makes Twinkies - along with a lot of other popular has gone out of business.

Twinkies: creme-filled goodness that has enchanted generations of consumers.

Twinkies: creme-filled goodness that has enchanted generations of consumers.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

11/16/2012 (2 years ago)

Published in Business & Economics

Keywords: Hostess, Twinkies, strike, bankruptcy, liquidation


LOS ANGELES, CA (Catholic Online) - Hostess Brands, Inc. will now liquidate its assets after failing to win back striking workers.

"We deeply regret the necessity of today's decision, but we do not have the financial resources to weather an extended nationwide strike," Gregory F. Rayburn, chief executive officer says. "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."

One in three of the Hostess' workers are union members who are unhappy about the company's cutbacks during its bankruptcy reorganization.

The Bakery, Confectionery, and Tobacco workers and the Grain Millers International Unions have all worked together to prevent Hostess from moving forward.

Hostess will now seek bankruptcy court permission to sell all of its assets. The company said bakery production has already shut down.

The company owns 33 bakeries, 565 distribution centers, approximately 5,500 delivery routes and 570 bakery outlet stores throughout the United States. Delivery of Hostess products will continue for now. The Hostess Brands retail stores will remain open for "several days," the company said.

"For employees whose jobs will be eliminated, additional information can be found at www.hostessbrands.info. The Web site also contains information for customers and vendors. Most employees who lose their jobs should be eligible for government-provided unemployment benefits," a news release from the company states.

Other hostess foodstuffs include Ding Dongs, Ho-Hos, Fruit Pies and Wonder Bread. The brand also owns Drakes, Dolly Madison, Nature's Pride and Merita.

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