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PostPosted: Fri Nov 16, 2012 3:35 pm 
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http://www.bbc.co.uk/news/business-20364595

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16 November 2012 Last updated at 10:46 ET
Twinkies-maker Hostess Brands to close down

The maker of Twinkies, the cream-filled sponge cakes well-loved in the US, has said it will close down the company, leading to the loss of 18,500 jobs.

Hostess Brands said a strike by the bakers union would force it to shut all operations and sell all assets.

It has long been in trouble - emerging from bankruptcy protection in 2009 only to file again in January 2012.

The wind-down also means the closure of 33 bakeries, 565 distribution centres and 570 bakery outlet stores.

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

"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."

The company is also behind the Wonder and Merita bread brands, as well as Drake's cakes.

Last week, the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union went on a nationwide strike.

On Thursday, Hostess Brands said it determined that an "insufficient number of employees had returned to work to enable the restoration of normal operations".

Hostess Brands was founded in 1930 and had revenues of $2bn last year.

The union's pension fund is its biggest unsecured creditor, and is owed about $944.2m.


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PostPosted: Fri Nov 16, 2012 5:20 pm 
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Twinkies never die! The product (but not the debt, contract, pension, and health plan, and management) will return. Expect them to be back before the the Twinkies you bought last Summer go stale (OK that could actually be after the National Debt is fully paid off given the shelf life of Twinkies).

Seriously, the loss to the workers who wanted to keep their jobs is real. But the business model of Hostess/Wonder needed a weightloss plan. Diet and exercise would have been better for all concerned, but, alas it was not to be. Instead we have death (which is an effective means of shedding pounds though it stinks).

Expect to see the brand again. That is...in right to work states only.

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"As for us, our days of combat are over. Our swords are rust. Our guns will thunder no more. The vultures that once wheeled over our heads must be buried with their prey. Whatever of glory must be won in the council or the closet, never again in the field. I do not repine. We have shared the incommunicable experience of war; we have felt, we still feel, the passion of life to its top."

Oliver Wendell Holmes


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PostPosted: Sun Nov 18, 2012 1:52 am 
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There is no logic to the behavior of the union in this case. If I were in a position to consider buying what remains of Hostess, there is no way I'd consider locating in any place other than a right-to-work state. The union leaders have cost their members their livelihoods and have cost the livelihoods of many other hard working people as well. Having a job with reduced pay and benefits is still having a job. It's craziness to behave the way the union has behaved. Their website was even highlighting the fact that they shut down the hostess production. I don't understand it.

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PostPosted: Sun Nov 18, 2012 3:13 am 
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The photoshop artists are having a heyday with this...

Image

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