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Hostess to liquidate if bakers' strike continues through Thursday (18,000 jobs)
cnn money ^ | 11/14/2012 | By James O'Toole

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 ...


TOPICS: Breaking News; Business/Economy; News/Current Events
KEYWORDS: bakery; bankruptcy; classenvy; classwarfare; dingdongs; failure; frankhurt; gregrayburn; hostess; hostessbrands; jobs; layoffs; liquidation; marxism; obama; obamanomics; recovery; strike; stuckonstupid; twinkies; union; unions; unionthugs
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1 posted on 11/14/2012 4:45:25 PM PST by tobyhill
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To: tobyhill

Wait....

0bama’s people LIVE on twinkies......

....no good can come of this.


2 posted on 11/14/2012 4:47:33 PM PST by Uncle Miltie (0BAMA CHOSE to watch a MUSLIM SNUFF FILM rather than a HEROIC AMERICAN RESCUE FILM)
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To: tobyhill

Sooooooo, now 18,000 people go onto UC, dumbass union thugs. Good move, morons!


3 posted on 11/14/2012 4:48:12 PM PST by carriage_hill (America - a great idea while it lasted.)
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To: tobyhill

What!No more Twinkies?


4 posted on 11/14/2012 4:48:58 PM PST by Farmer Dean (stop worrying about what they want to do to you,start thinking about what you want to do to them)
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To: tobyhill

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?


5 posted on 11/14/2012 4:49:05 PM PST by Arthurio
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To: tobyhill

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.................???????


6 posted on 11/14/2012 4:49:31 PM PST by yoe (Vote for the Real American whose love for his country has NEVER been in question.)
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To: Uncle Miltie

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.


7 posted on 11/14/2012 4:49:51 PM PST by Alberta's Child ("I am the master of my fate ... I am the captain of my soul.")
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To: tobyhill

Go for liquidation.... it’s the only way to be sure.


8 posted on 11/14/2012 4:50:22 PM PST by Gator113 (I would have voted for NEWT, now it's Romney & Ryan.~Just livin' life, my way~)
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To: tobyhill

Destroy all the jobs, then complain because you’re unemployed.


9 posted on 11/14/2012 4:51:19 PM PST by E. Pluribus Unum (Government is the religion of the psychopath.)
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To: Gator113

Go ahead and liquidate. If the workers complain you can use the Twinky defense.


10 posted on 11/14/2012 4:54:11 PM PST by Jeff Chandler (www.youtube.com/watch?v=tpAOwJvTOio)
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To: tobyhill

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.


11 posted on 11/14/2012 4:54:26 PM PST by GeronL (http://asspos.blogspot.com)
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To: Arthurio
You beat me to it Arthurio. Good post.

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!

12 posted on 11/14/2012 4:54:47 PM PST by Alberta's Child ("I am the master of my fate ... I am the captain of my soul.")
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To: E. Pluribus Unum

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.


13 posted on 11/14/2012 4:56:18 PM PST by fhayek
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To: tobyhill

They should fire the 5,000 unionized workers only


14 posted on 11/14/2012 4:56:36 PM PST by GeronL (http://asspos.blogspot.com)
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To: tobyhill

The strikers are a bunch of Ding Dongs.


15 posted on 11/14/2012 4:57:13 PM PST by dfwgator
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To: Alberta's Child; Arthurio

Bingo! Hostess brands will rise like the Phoenix, but the union workers will lose everything.


16 posted on 11/14/2012 4:57:22 PM PST by Navy Patriot (Join the Democrats, it's not Fascism when WE do it, and the Constitution and law mean what WE say.)
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To: Alberta's Child

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


17 posted on 11/14/2012 4:59:09 PM PST by GeronL (http://asspos.blogspot.com)
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To: tobyhill

Look for the union label...


18 posted on 11/14/2012 4:59:11 PM PST by mdittmar
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To: fhayek

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.


19 posted on 11/14/2012 5:01:04 PM PST by Alberta's Child ("I am the master of my fate ... I am the captain of my soul.")
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To: Alberta's Child

Hopefully they will buy up the existing facilities and the non union people will be able to keep their jobs.


20 posted on 11/14/2012 5:02:01 PM PST by Arthurio
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To: GeronL

See my last post. Hostess is already headquartered in Texas, so it won’t take much effort to rise from the ashes!


21 posted on 11/14/2012 5:02:28 PM PST by Alberta's Child ("I am the master of my fate ... I am the captain of my soul.")
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To: tobyhill

“They are not willing to take draconian wage and benefit cuts...”

I wonder what the terms really are? Back in fall of 2008, just as the economy was tanking, Boeing folks went on strike. The last main disagreement was that they were being “forced” to pay a $15 copay for their doctor’s visits instead of $0. I imagine their press releases also used the word “draconian”.


22 posted on 11/14/2012 5:02:46 PM PST by 21twelve (So I [God] gave them over to their stubborn hearts to follow their own devices. Psalm 81:12)
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To: tobyhill
"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."

I first thought that this was satire. The baking industry, I am told, has excess capacity and must reduce wages to remain competitive. This action does two things: it serves as a warning to the others that the union will come after them if they don't cave, and it gets capacity back in line, so the pressure on wages eases. The union wants both and doesn't give a damn about the stupid union members who are going to lose their jobs forever.

23 posted on 11/14/2012 5:03:40 PM PST by centurion316
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To: carriage_hill
It is a poker game. They are playing their hand, gambling with their jobs.

What skin does the other side have in the game? Anyone know? Somebody must be hoping the reorganization plan goes through. Who?

Personally, the cup cakes have not tasted the same - or nearly as good - since they went to the little vacuum form tray to hold the two cup cakes.

24 posted on 11/14/2012 5:03:48 PM PST by gunsequalfreedom (Conservative is not a label of convenience. It is a guide to your actions.)
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To: tobyhill

Move it overseas .
Try Belize


25 posted on 11/14/2012 5:04:05 PM PST by ncalburt (Axelrod Psych OPS has gone to 24/7 non stop - "The election is over " status until Nov)
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To: Gator113

...too bad Government Motors did not take this path...


26 posted on 11/14/2012 5:04:20 PM PST by ptsal (E)
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To: All; tobyhill
bakers striking in protest against a new contract imposed in bankruptcy court

What part of IMPOSED in bankruptcy court do they not understand. I feel badly for the 13,000 not represented by the union but Hostess Brands should do what it needs to do.

27 posted on 11/14/2012 5:06:22 PM PST by newzjunkey
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To: Arthurio

Right. The one angle to this that adds some complexity and uncertainty is that Hostess owes millions of dollars to a couple of equity-fund owners/partners and nearly a billion dollars to bond holders, and the company would have to satisfy those lenders in the liquidation sale in order to “start over again.”


28 posted on 11/14/2012 5:06:50 PM PST by Alberta's Child ("I am the master of my fate ... I am the captain of my soul.")
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To: GeronL
That is a good idea. I'm getting tired of all these Libtards and unions complaining about the “wealthy” but continuing to work for them. They should do the honorable thing, quit and go elsewhere.
29 posted on 11/14/2012 5:07:01 PM PST by tobyhill
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To: Arthurio
Like, say, Bimbo?

http://en.wikipedia.org/wiki/Bimbo_Bakeries_USA

30 posted on 11/14/2012 5:07:29 PM PST by manic4organic (It was nice knowing you, America.)
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To: tobyhill
"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."

So... I guess they'd rather have no job, no paycheck, no benefits and no retirement, eh? Because it looks like that's what they're choosing.

31 posted on 11/14/2012 5:08:45 PM PST by Jeff Winston
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To: Farmer Dean

Zombieland comes to mind.


32 posted on 11/14/2012 5:12:08 PM PST by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: Farmer Dean

The pink spongey balls with coconut call out to me.


33 posted on 11/14/2012 5:16:25 PM PST by MayflowerMadam
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To: Alberta's Child

Yes, it moved its headquarters here. That was a great idea, but some of its operations are in union states. (5,000 of 18,000 workers ruining it for everyone)

Save money by shutting down the bakeries in union states!

I wonder if I could pay them a visit, being they are local.


34 posted on 11/14/2012 5:17:15 PM PST by GeronL (http://asspos.blogspot.com)
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To: tobyhill

Hostess is one my own employers biggest accounts. I’m really sorry to see this happening.


35 posted on 11/14/2012 5:17:33 PM PST by babyfreep
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To: Alberta's Child

At one time Americans wanted to work, it’s clear that these workers would rather collect unemployment.

Why worry about their pensions when they will be lost anyway if the place closes.


36 posted on 11/14/2012 5:17:55 PM PST by Venturer
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To: MayflowerMadam

Snowballs are good, aren’t they?


37 posted on 11/14/2012 5:19:54 PM PST by GeronL (http://asspos.blogspot.com)
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To: tobyhill

Only 7 percent of the private sector work force is unionized. Losing 5000 is going in the right direction. Just move to a right-to-work state, problem solved.


38 posted on 11/14/2012 5:22:52 PM PST by central_va ( I won't be reconstructed and I do not give a damn.)
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To: Farmer Dean
What!No more Twinkies?

Any Ding Dong can see that this means war.

39 posted on 11/14/2012 5:26:31 PM PST by fella ("As it was before Noah, so shall it be again,")
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To: tobyhill

I just finished eating a Hostess Orange cupcake.


40 posted on 11/14/2012 5:28:08 PM PST by wayoverthehill
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To: Arthurio
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?

You forget to mention that they should move it all to a business friendly none union state, say like, Texas.

41 posted on 11/14/2012 5:29:41 PM PST by fella ("As it was before Noah, so shall it be again,")
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To: SeaDragon

Wow.


42 posted on 11/14/2012 5:30:01 PM PST by RikaStrom ("To learn who rules over you, simply find out who you are not allowed to criticize." ~Voltaire)
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To: gunsequalfreedom

Haven’t had a Twinkie or CupCake in many years. Just ain’t in the cards.


43 posted on 11/14/2012 5:30:40 PM PST by carriage_hill (America - a great idea while it lasted.)
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To: gunsequalfreedom

So true, as a connoisseur of their products, I agree, I love ‘em, besides I protest the fascist, nutritionists through out this once great nation, I hope our nation can rise from the ashes like Hostess!


44 posted on 11/14/2012 5:34:07 PM PST by IslamE (epiphany)
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To: mdittmar

“Look for the union label.”
I think that there might be a market for union label toilet paper.I’d buy some...


45 posted on 11/14/2012 5:34:36 PM PST by Farmer Dean (stop worrying about what they want to do to you,start thinking about what you want to do to them)
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To: GeronL

I was trying to remember what those were called!! Been a heck of a lot of years since I chowed one of those things!


46 posted on 11/14/2012 5:35:09 PM PST by bobby.223 (Retired high up in the mountains of the American Redoubt and it's a GREAT life!)
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To: tobyhill; zot

Long live unions who will destroy a business to prove their power. Do the members want this to happen or only the union leaders?


47 posted on 11/14/2012 5:37:53 PM PST by GreyFriar (Spearhead - 3rd Armored Division 75-78 & 83-87)
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To: tobyhill
"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

They're just not getting this "redistribution of wealth" stuff, are they?

48 posted on 11/14/2012 5:39:06 PM PST by tacticalogic ("Oh, bother!" said Pooh, as he chambered his last round.)
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To: tobyhill

I could never understand the union cries of, “we’ll shut this place down!” Good for you, now where will you work dumbass?


49 posted on 11/14/2012 5:39:13 PM PST by TSgt (...voters discover that they can vote themselves generous gifts from the public treasury.)
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To: fhayek

Click on the image and take it up with the author.


50 posted on 11/14/2012 5:40:19 PM PST by E. Pluribus Unum (Government is the religion of the psychopath.)
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