I watch what I eat and have cut out many of the goodies I used to enjoy but admittedly… I occasionally have a Twinkie attack. Not to mention my connection with a Suzie-Q when I’m stressed. So, hearing that Hostess will close down is causing mixed emotions. I mean, it’s better overall for our health but all the people who will be out of work because of it. And, will there be fights inside stores all over America because of a Ho-Hos shortage. I’m not sure how to take this news:
via: Good Morning America
Hostess Brands Inc., the maker of Wonder Bread and Twinkies, announced today that it will liquidate 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.”
A 5 p.m. deadline came and went without workers returning yesterday.