Skip to comments.Hostess says liquidation decision expected Friday (Going Galt)
Posted on 11/15/2012 4:35:49 PM PST by Navy Patriot
Hostess Brands Inc. said it likely won't make an announcement until Friday morning on whether it will move to liquidate its business, after the company had set a Thursday deadline for striking employees to return to work.
The maker of Twinkies, Ding Dongs and Wonder Bread had warned employees that would file a motion in U.S. Bankruptcy Court to unwind its business and sell off assets if plant operations didn't return to normal levels by 5 p.m. EST Thursday. That would result in the loss of about 18,000 jobs.
The Teamsters meanwhile are urging the smaller union to hold a secret ballot on whether to continue striking. Citing its financial experts who had access to the company's books, the Teamsters say that Hostess' warning of liquidation is "not an empty threat or a negotiating tactic" but a certain outcome if workers continue striking.
(Excerpt) Read more at sfgate.com ...
The strikers want it to close down and liqudate. Apparently they are quite open about it.
Striking workers at the Merita Bread Bakery in Orlando said Thursday they were discouraged by a light turnout of union members but hopeful that Hostess Brands Inc. would follow through with a threat to sell off its bakery operations as part of the company’s bankruptcy proceedings.
“That would be the best thing for employees,” said Ron Hopkins, vice president of the AFL-CIO’s Bakery, Confectionery, Tobacco Workers and Grain Millers International Union Local 103 in Orlando.
“We’re not asking for a raise. We just want to maintain our pay and our pension. I make less now than when I started here,” said Hopkins, a shipping clerk who has held many other positions in 26 years at the bakery.
You just made me aware that I'm not a consumer of their products either.
I still hate to see the jobs go though. Maybe they should just bust the union and move their plant to New Hampshire.
They have no bakeries in Texas, but they are headquartered in Irving TX
There is a dark cloud hanging over us.
Its initials are “BHO”.
"ya had to go messin with my TWINKIEEEES"
That MAY work for the purchase of a business, but liquidation separates all assets and voids all contracts (like the one with the union).
The union workers stand zero chance of ever working for those purchasing Hostess assets, they will be blackballed. The non union workers will likely have a good chance of future employment with the successors.
Well the reverse is also true.
The best comment I have seen today about this conflict is...
90% of what you made before is always better than 0%.
This is particularly true in a depressed economy, dealing with what is essentially unskilled labor.
Been there, done that. I have accepted up to 40% less to keep my job. It has always served me well.
Yeah, what a rotten company!!! Too bad they don't have a printing press like Obama does....then you could strike for even higher benefits.
That party could go forever, right? I'm pretty mad too. My life style has been taking a beating too & I can't get one of those money machine either!!
We need 'the one' to get out his magic wand & give us everything we want, dammit!!!
I got my memo, didn't you? Really.
Hostess has 33 plants all over the US. Likely busting the union in several states is impossible.
Bankruptcy/liquidation is the only viable option to bust all the unions.
The jobs will come back, just not union.
So many jokes .... so little time!
Wow. It only took him 26 years to work his way up to shipping clerk! In companies that I’ve worked for, that was an entry-level job.
As I did once in my career. We kept on, improved the product and pulled the company out. Everybody survived, and we all got better.
Yeah, I was referring to the plant in Biddeford Maine. We need this closing like a hole in the head.
If they are liquidated in bankruptcy, another company can buy the names and recipes from the bankruptcy court. Twinkies will live on; Hostess won't.
we need unlimited EBT cards for every Obama voter!
That will fix everything
We have see this before in history, it's a failure to pay attention.
He was happy at the bottom. He is not a “man of the mind” as Ayn Rand might say.
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