|11-16-2012, 02:15 PM||#1|
golden knife winner
Join Date: Jan 2006
Location: colorado springs area
No more Twinkies? Hostess plans to shut down
Hostess CEO says strike was fatal blow for bankrupt company and that it is too late to fix it. Nearly 600 could lose jobs in Schiller Park and Hodgkins bakeries.
12:56 p.m. CST, November 16, 2012
Hostess Brands on Friday received a court order for an expedited hearing on its request to
The hearing on liquidation request is scheduled for 2 p.m. Eastern time Nov. 19, in bankruptcy court in White Plains, N.Y.
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.