Twinkies are dead....

I'm not going to go off on unions....

However, every business must service it's debts. If it can't it's not a viable entity. It's called the law. NOT "greedy" wall street...

I really hope the union leadership can find jobs for the 18,000 people that will be out of work. How many families aren't going to have Christmas this year??





Hostess going out of business; nearly 18,000 to be laid off
Posted:
Friday, November 16, 2012 7:31 AM EST
Updated:
Friday, November 16, 2012 7:35 AM EST

By: Alice Wolke - email

[Image]IRVING, Texas - Say goodbye to your Twinkies.

North Texas-based Hostess Brands, Inc. has decided to go out of business and liquidate its assets after failing to win back striking workers.

The company posted a statement on a website set up specifically for people following the strike.

"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."

About one-third of the company's workers are union members who are unhappy about the company's cutbacks during its bankruptcy reorganization.

But problems with several unions -- including the Bakery, Confectionery, and Tobacco workers and the Grain Millers International Union -- have prevented the company from moving forward.

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

Some of the brands' products include Twinkies, Ding Dongs, Ho-Hos, Fruit Pies and Wonder Bread.

Stay with FOX 4 news and myfoxdfw.com for further information throughout the day.

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