Skip to comments.Hostess to liquidate if bakers' strike continues through Thursday (18,000 jobs)
Posted on 11/14/2012 4:45:23 PM PST by tobyhill
Hostess Brands said Wednesday that it will go into liquidation unless bakers striking in protest against a new contract imposed in bankruptcy court return to work by the end of the day Thursday.
"We simply do not have the financial resources to survive an ongoing national strike," Hostess CEO Greg Rayburn said in a statement.
The liquidation would result in Hostess' nearly 18,000 workers losing their jobs. The bakers' union represents around 5,000.
The union did not immediately respond to a request for comment Wednesday, but has called the concessions demanded in the new contract "outrageous."
"Our members are on strike because they have had enough," bakers' union president Frank Hurt said in a statement Tuesday. "They are not willing to take draconian wage and benefit cuts on top of the significant concessions they made in 2004 and give up their pension so that the Wall Street vulture capitalists in control of this company can walk away with millions of dollars."
(Excerpt) Read more at money.cnn.com ...
0bama’s people LIVE on twinkies......
....no good can come of this.
Sooooooo, now 18,000 people go onto UC, dumbass union thugs. Good move, morons!
What!No more Twinkies?
Sad, looks almost inevitable.
Someone will happily come along and buy the Hostess/Ding Dong/Twinkie brand names, while shedding the union baggage. These striking fools just don’t realize that, do they?
The Unions cutting their own throats while destroying U.S. business’ again. Is it any wonder why many jobs go overseas where there are no unions.................???????
The irony here is that the company’s brand names — like Twinkies, Ring Dings and Wonder Bread — are probably worth more than all of its other assets combined. It won’t be long before another company buys the brand names and the ingredients for these products and keeps producing them ... probably with non-union labor in a “right to work” state.
Go for liquidation.... it’s the only way to be sure.
Destroy all the jobs, then complain because you’re unemployed.
Go ahead and liquidate. If the workers complain you can use the Twinky defense.
This is really sad.
The workers are stupid people. They will strike themselves out of a job. Their trademarks and recipes will be sold to the highest bidder.
Here's something else that just occurred to me. I wonder if the people who run the private equity firms that currently own Hostess would be the ones to buy the brand names at the liquidation sale!
Well, unions would rather take down a company than back down. It shows who’s boss, and provides a warning to other companies who may have to deal with them. To hell with the people who took the risks and built the companies in the first place. I would call them (unions) pond scum, but I actually have more respect for pond scum.
They should fire the 5,000 unionized workers only
The strikers are a bunch of Ding Dongs.
Bingo! Hostess brands will rise like the Phoenix, but the union workers will lose everything.
probably!! Maybe even buy their contracts.
Then they can open shop in Texas and other right to work states producing those popular brands to fulfil the contracts they bought. lol
Look for the union label...
The good news is that Hostess is headquartered in Texas, so I’m sure they’ll be back on their feet in no time under a different ownership structure.
Hopefully they will buy up the existing facilities and the non union people will be able to keep their jobs.
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