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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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