Hostess Brands Given OK to Liquidate Company


Hostess filed for Chapter 11 bankruptcy in January, and was give the OK to begin liquidating the company from a US Bankruptcy judge last week. Hostess hopes to sell parts of the iconic company to a variety of interested buyers, but first must lay off nearly 15,000 employees – a move that Hostess claims was made necessary by an employee strike. The strike was by the Bakery, Confectionary, Tobacco and Grain Millers (BCTGM) union, and began on November 9th. The long stretch of the strike made Hostess unable to continue operations along with continued disagreements over employee collective bargaining agreements, according to company representatives. However, union representatives claim

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the fiscal problems are due to mismanagement and years of debt in private equity.

Yet Hostess is hopeful that it will keep some of America’s favorite snack cakes alive, including Twinkies and Drakes cakes by selling those treats. Only approximately 3,200 of the staff will be kept on to help close the properties, until March when the staffing needs will be further scaled back to 200. In total the sales and shutdowns will impact 33 bakeries, 565 distribution centers, 5,500 delivery routes, and 570 bakery outlet stores. It is a tragedy for the sweet tooths of the country and the job markets as well.

Source courtesy of BBC. Image courtesy of CNN Money.