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As many have heard, Hostess Brands, the producer of such products as Twinkies and Wonder Bread, indicated recently that it’s asking a federal bankruptcy court for permission to close its operations, blaming a strike by bakers protesting a new contract imposed on them.
According to CNN, Hostess’ nearly 18,500 workers will lose their jobs as the company shutters 33 bakeries and 565 distribution centers nationwide, as well as 570 outlet stores. The Bakery, Confectionery, Tobacco Workers and Grain Millers International Union represent about 5,000 Hostess employees. The union had gone on strike to protest the company’s proposed pay cuts and other concessions, which were opposed by the union’s membership.
The CEO of Hostess Brands said, “We deeply regret the necessity of the decision, but we do not have the financial resources to weather an extended nationwide strike.” Hostess plans to sell its assets to the highest bidder. That could mean new life for some of its most popular products, which could be bought at auction.
A letter that Hostess sent to its network of stores said it expects “there will be great interest in our brands.” The letter said it could not give a time frame for when the sales would take place and when its products would be available again. But even if those brands are bought and restarted, the sad news is that Hostess workers probably won’t get their jobs back.
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judge on bankrupt court--make sure ceo gets his golden parachute with the millions while taxpayers pay for looted pension funds and employee benefits
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