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 ...
Yep, I suspect the only reason Hostess has multiple Bakeries across the country is because Wonder Bread is perishable and needs to be made near the Market it is sold. Twinkies, Ding Dongs and those Coconut spongy things have a much longer self life and could be made in just a couple bakeries. Someone will come along and scoop up the rights to the name and recipes and probably just drop the Wonder Bread line while setting up shop in Right to Work States.
I’m sure the Obama Administration would love to own this company on behalf of the unions. Might make Michelle less than pleased, but after all Twinkies surely must be too big to fail?
A good friend of mine turned from a rabid Dem to a Republican over the Cat mess in York...he got to see firsthand how his precious union messed over their members and ended up losing everything.
Apparently the Baker’s Union is claiming that in the Hostess reorganization the Teamsters Union got the better deal. The Teamsters aren’t honoring the strike by the Bakers who could probably care less if the company survives.
Omg...look for a bailout....too big to fail? /sarc
Omg...look for a bailout....too big to fail? /sarc
“Wage cut” probably means they won’t be getting their annual 7% increase.
Dumb union workers don’t realize that Moochelle will be dancing in the streets if there are no more twinkies to fatten up the masses. Of course, she’ll probably fly around the world in her private, tax-payer funded jet to stock pile twinkies for herself.
gubmint Pension Guaranty Corp (taxpayers) will bail them out, won’t they?
Of course they’re stupid, that is why they are worker bees.
They would get an 8% pay cut, but would get half of it back over 3-4 years.
PATCO Leadership
Obama lied, Twinkies died!
Allow me... 0bama’s people LIVE on ARE twinkies......
“The workers are stupid people.”
For the most part you are probably right. But I bet there are a good many who know they’re comitting economic suicide but the union and peer pressure is just too much.
sarc Yeah... Unions have their memberships best interests at heart... /sarc
Teamsters find irregularities, take over Blaine’s Local 120
http://www.freerepublic.com/focus/f-news/2959501/posts
AFL-CIO President Richard Trumka: This Whole Fiscal Cliff Thing Is Manufactured
http://www.freerepublic.com/focus/f-news/2959867/posts
Would make things much safer for politicians in Frisco. (no more Twinkies)
Obama won, Twinkies done!
Rather comical really.
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