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The Demise Of The Twinkie: Hostess Files Motion To Liquidate
Wall Street Journal ^

Posted on 11/16/2012 5:13:37 AM PST by Sub-Driver

The Demise Of The Twinkie: Hostess Files Motion To Liquidate

By Tom Gara

And that’s that: Hostess Brands, maker of Twinkies, Wonder Bread and more, announced this morning it has filed a motion with bankruptcy court to start liquidating the company immediately. A huge number of jobs are soon to be lost.

“Hostess Brands will move promptly to lay off most of its 18,500-member workforce,” said CEO Gregory F. Rayburn in the statement, “and focus on selling its assets to the highest bidders.”

In a letter posted on a new site set up to communicate with employees and suppliers through the liquidation process, Mr. Rayburn pinned the blame on its striking union:

Despite everyone’s considerable efforts to move Hostess out of its restructuring, when we began implementing the Company’s last, best and final offer, the Bakers Union chose to stage a crippling strike. This affected Hostess’ ability to continue to make products and service its customers’ needs and pushed Hostess into a Wind Down scenario. As a result, we are forced to proceed with an orderly wind down and sale of our operations and assets. We deeply regret taking this action. But we simply cannot continue to operate without the ability to produce or deliver our products.

There’s no way to soften the fact that this will hurt every Hostess Brands employee. All Hostess Brands employees will eventually lose their jobs – some sooner than others. Unfortunately, because we are in bankruptcy, there are severe limits on the assistance the Company can offer you at this time.

(Excerpt) Read more at blogs.wsj.com ...


TOPICS: Breaking News; Business/Economy; News/Current Events
KEYWORDS: 2012; bakery; bankruptcy; bhoeconomy; bholayoffs; bustunions; democrats; dingdongunion; economy; fuunions; hostess; layoffs; obama; obamanomics; obamasized; obamasizing; ownit; twinkies; unemployment; unioncorruption; uniongreed; unions
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To: Sub-Driver

These idiot union fools really think that a new owner will come and give them their same pay and benefits. In reality a new owner(s) (the brands could easily be divided between multiple companies) will likely be made by other existing bakeries. These guys will likely never work again.


161 posted on 11/16/2012 7:54:27 AM PST by GeronL (http://asspos.blogspot.com)
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To: NY Cajun

Moochelle will insist on a Twinkie bailout. She snorts 2 two boxes per day.


162 posted on 11/16/2012 7:57:48 AM PST by UnwashedPeasant
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To: left that other site

“Why do I feel like I am living in the early chapters of Atlas Shrugged?”

Because you are. I’ve had that feeling for a few years now.


163 posted on 11/16/2012 8:02:47 AM PST by PLMerite (Shut the Beyotch Down! Burn, baby, burn!)
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To: BobL

The union convinced these idjits that a new owner would give them pay and benefits as their contract promises. It is just not possible.


164 posted on 11/16/2012 8:03:45 AM PST by GeronL (http://asspos.blogspot.com)
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To: all the best

There are continuous ads running for Over The Road truck drivers & schools that teach such.

Maybe all those Hostess truck drivers will fill up some of those openings.

Most of those openings are NOT union, however. Many companies hire ‘owner-operator’ status only. If you are a driver who doesn’t own a truck, you can lease one of the company trucks.


165 posted on 11/16/2012 8:04:21 AM PST by ridesthemiles
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To: Sub-Driver

Well Hostess soon to be ex-employees that is your union dues at work. Sucks to be you.


166 posted on 11/16/2012 8:05:26 AM PST by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: GeronL
These guys will likely never work again.

You'd think, in the era of Oboma, they'd be grateful they just had a job.
Good luck finding another one (idiots).

167 posted on 11/16/2012 8:06:08 AM PST by concerned about politics ("Get thee behind me, Liberal")
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To: bolobaby

Wyatt’s Torch in Colorado: Atlas Shrugged


168 posted on 11/16/2012 8:07:11 AM PST by ridesthemiles
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To: txrefugee

/With their food stamps they can now buy non-union LITTLE DEBBIE cakes.


169 posted on 11/16/2012 8:14:53 AM PST by Ruy Dias de Bivar (The parasites now outnumber the producers.)
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To: concerned about politics
I went back to work after about 9 years of staying home with my kids (doing a little freelance stuff here and there but nothing substantial) that was about 6 years ago. I started sending out resumes with in a couple of weeks the phone was ringing and I was interviewing. I was sending out resues for things I didn't even have experience for and getting calls. Unemployment was 3% here in Arizona. After about 8 interviews, I had a job again. After nine years...

In August I left my job (in NC) and moved back to Az. I started sending out resumes. Nothing. Crickets. It's weird out there. Thankfully, I am not in desperate need to work.

170 posted on 11/16/2012 8:15:14 AM PST by riri (Plannedopolis-look it up. It's how the elites plan for US to live.)
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To: Sub-Driver

Twinkie can survive a nuke attack, but cannot survive unions. Go figure unions more powerful than a nuke strike!


171 posted on 11/16/2012 8:18:19 AM PST by RetiredArmy (November 6, 2012: The day the United States Republic DIED.)
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To: RetiredArmy

Not “more powerful” - “more destructive!”


172 posted on 11/16/2012 8:22:44 AM PST by bolobaby (Hostess closes? Atlas just shrugged in yo' faces, union beyotches!)
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To: mykroar

I can’t find anyplace on the web that McKee Foods is unionized. It does appear to be private. I’m not sure it would have the size or inclination to take over Hostess.

I’m still thinking that Hostess is such a good product that one of the conglomerate food corps would want it.


173 posted on 11/16/2012 8:24:15 AM PST by xzins (Retired Army Chaplain and Proud of It! True supporters of our troops pray for their victory!)
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To: bolobaby

10-4. You corrected it. Thanks.


174 posted on 11/16/2012 8:24:52 AM PST by RetiredArmy (November 6, 2012: The day the United States Republic DIED.)
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To: Sub-Driver
On the off chance that anyone employed by or affilitated with Hostess sees this post :

I'd like to express my condolences for the folding of your business but loudly applaud your tremendous integrity and backbone for telling the braindead union thug bastards to   F OFF !
175 posted on 11/16/2012 8:26:51 AM PST by tomkat (a million tiny cuts .. add yours daily .. be creative)
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To: LittleSpotBlog; null and void; Slings and Arrows
Anyone keeping a running tally of jobs lost since the election?

I have seen attempts but it's gettin hard to keep up I bet

176 posted on 11/16/2012 8:29:19 AM PST by GeronL (http://asspos.blogspot.com)
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To: gemoftheocean

Now to be known as nappy ho-hos.


177 posted on 11/16/2012 8:30:19 AM PST by fwdude ( You cannot compromise with that which you must defeat.)
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To: concerned about politics

Yep, that horrible, draconian 8% cut.... has become a 100% cut


178 posted on 11/16/2012 8:31:57 AM PST by GeronL (http://asspos.blogspot.com)
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To: Little Pig
Hopefully one of the other big baking companies will grab Hostess’ assets

I think the liabilities are part of the deal, too :(

179 posted on 11/16/2012 8:33:51 AM PST by steve86 (Acerbic by Nature, not Nurture™)
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To: xzins

McKee foods has annual revenues of just over $1b and currently employs over 6000. They are a private company and do not have any unionized facilities (headquartered in TN) as their production facilities are in RTW states.

They absolutely have the cash on-hand and the production capacity to absorb Hostess - they would likely utilize their existing distribution set-up (which differs quite a bit from the Hostess model). Selling an established “high-end” brand beside their value-focused brands would be a genius model and has the potential to pay huge dividends.


180 posted on 11/16/2012 8:35:19 AM PST by RobertClark (Inside every "older" person is a younger person wondering what the hell happened?)
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