No more twinkies???? Hostess going out of business

[Hawaiian Punch]

Hostess Brands closing for good due to bakers strike - Nov. 16, 2012

Hostess Brands closing for good
By James O'Toole @CNNMoney November 16, 2012: 7:28 AM ET

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Hostess Brands has asked permission of the bankruptcy court to shut down its business.
NEW YORK (CNNMoney) -- Hostess Brands -- the maker of such iconic baked goods as Twinkies, Devil Dogs and Wonder Bread -- announced Friday that it is asking a federal bankruptcy court for permission to close its operations, blaming a strike by bakers protesting a new contract imposed on them.
The closing will result in Hostess' nearly 18,500 workers losing their jobs as the company shuts 33 bakeries and 565 distribution centers nationwide. The bakers' union represents around 5,000.

Hostess will move to sell its assets to the highest bidder. That could mean new life for some of its most popular products, which could be scooped up at auction and attached to products from other companies.
"We deeply regret the necessity of today's decision, but we do not have the financial resources to weather an extended nationwide strike," said CEO Gregory Rayburn in a statement.
The company had given a 5 p.m. ET deadline for the bakers to return to work or face a shutdown of the company. The unions at Hostess could not be reached immediately for comment on the decision.
Hostess filed for bankruptcy in January, its second trip to bankruptcy court since 2004. It previously emerged from restructuring in 2009 after a four-and-a-half year process.
The company is now controlled by a group of investment firms including hedge funds Silver Point Capital and Monarch Alternative Capital.
In September, one of its major unions, the International Brotherhood of Teamsters, voted narrowly to accept a new contract with reduced wages and benefits. The bakers' union rejected the deal, however, prompting Hostess management to secure permission from a bankruptcy court to force a new concession contract on workers.
The new contract cut salaries across the company by 8% in the first year of the five-year agreement. Salaries were then scheduled to bump up 3% in the next three years and 1% in the final year.
Hostess also reduced its pension obligations and its contribution to the employees' health care plan. In exchange, the company offered concessions, including a 25% equity stake for workers and the inclusion of two union representatives on an eight-member board of directors.

 

[Ohene]

Hostess Cupcakes

 

[DreadHead P]

Truly a sad day in history

 

[Metta World Movement]

NO MORE HOSTESS CUPCAKES?!?!?!?

 

[NYC Rebel]

No more of those O.G. Apple Pies win the white package which used to hold the hood down when I was a kid.



Another piece of my childhood....ripped away from me.

 

[Hawaiian Punch]

No more of those O.G. Apple Pies win the white package which used to hold the hood down when I was a kid.



Another piece of my childhood....ripped away from me.

I used to put the apple pies in the microwave for 15 seconds to get them a lil warm. What's next Entenmanns?

 

[Ice Water]

Damn these idiots striked themselves outta a job lmao.. Unions I swear work backwards sometimes. They act like they want to negotiate, but either try to strong arm the company with unrealistic crap, or take a weak backhand under the table contract up the ass.

 

[NYC Rebel]

I used to put the apple pies in the microwave for 15 seconds to get them a lil warm. What's next Entenmanns?

If Entemanns ever announces they're going out of business, I'm stockpiling about 50 Louisiana Crunch Cakes in my storage unit.

 

[Binary]

Never liked Twinkies.

 

[LastEmperor2k2]

Somebody has to buy them out.

- No more cupcakes
- No more Snowballs
- No more Ding Dongs

I`m sure Kraft or someone is ready to swoop in

 

[LastEmperor2k2]

If Entemanns ever announces they're going out of business, I'm stockpiling about 50 Louisiana Crunch Cakes in my storage unit.

What about the Marshmellow cake?

Or the Holiday Popems?

 

[Hawaiian Punch]

If Entemanns ever announces they're going out of business, I'm stockpiling about 50 Louisiana Crunch Cakes in my storage unit.

Man I'll kill a nikka over an entenmanns pound cake Lookherenikka

I just always figured certain institutions would always be there. Hostess is like some shyt you don't even think about because it's always there. What kinda world is our kids growing up in?

 

[Hawaiian Punch]

Never liked Twinkies.

Yea but you from Canada so your opinion doesn't count

 

[concise]

Hostess will move to sell its assets to the highest bidder. That could mean new life for some of its most popular products, which could be scooped up at auction and attached to products from other companies.

There's still some hope.

Going to gouge on the Orange Cup Cakes until further news comes in.

 

[The Bilingual Gringo]

Sgt. Al Powell will cry today