Hostess Brands Inc. to Close After Strike

Makers of twinkies could not get enough workers back to work

Hostess Brands Inc., the maker of the iconic snack Twinkies, announced today that it will liquidate the entire company 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."

Comments

[Fist of Etiquette]

Well that sucks on a few levels.

[Clano'6]

Don't worry, Obama will create new jobs for all of them. No bailout though, cause Hostess contributes to childhood obesity!

[JeremyR]

This really sucks. Probably every kid in St. Louis in the last 70 years went on a tour of the Hostess bakery.

[Alice Bowie]

The company stole money from the worker's and took all the pension fund's people paid into for 20-30 year's. The last CEO is a liquidation specialist. In 2004 they raised all the big wig's wage's just before filing chap 11. The CEO got a pay increase of 300% while the worker's got a cut up to 32%. The company diverted funds from the employee's pay and benefit cut's intended for capital investment, product development, plant improvement and new equipment into executive bonuses and Wall Street investors instead.

If you go to work tomorrow and find out your boss tripled their salary while cutting your wages and benefit's by 32% AND stole your pension you paid into for 25 or 30 year's. I don't think you would be happy! It amount's to putting money from your paycheck into the bank every week. Then you go to retire after working for 30 year's and the bank say's,"Oh you can't have that money because we mismanaged it! Your money is all gone! Woop's"! They were willing to give up even more money from their pay and benefit's. They were not willing to have the money they paid to the company pension fund for 30 year's stolen from them! That is what started the strike in the first place. A union fight's for fair wage's and safe working condition's. If company's treated employee's fairly there would be no need for a union.

[Beezard]

And they did a bang up job.

[Rich M]

Well, I certainly hope all 18,500 displaced workers find new (NON-UNION) jobs.