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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

Obamanation Communism File.


261 posted on 11/16/2012 1:19:51 PM PST by Graewoulf ((Traitor John Roberts' Obama"care" violates Sherman Anti-Trust Law, AND the U.S. Constitution.))
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To: Hoodat

Same thing is happening with American now. Unions have killed it.


262 posted on 11/16/2012 1:23:39 PM PST by Fledermaus (The Republic is Dead: Collapse the system. Let the Dems destroy the economy!)
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To: Fledermaus

Problem is, their shelf life never has a chance to be tested at my house!


263 posted on 11/16/2012 1:27:06 PM PST by Cuttnhorse
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To: Cuttnhorse
How will I survive without my Hostess fruit pie in the early morning?

The last time I had a Hostess fruit pie it had more air bubble than fruit filling inside. Never again.

264 posted on 11/16/2012 1:32:15 PM PST by Petruchio (I Think . . . Therefor I FReep.)
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To: Mr Apple
RE :”Hahahahaha. Now the union guys will have no turkey on Thanksgiving and no toys for their kids this Christmas. Hahahahahahahahahahaha. Ignorant goofballs!

Its the principle that counts. They are NOT going to let a greedy company, not even one in bankruptcy take advantage of them even if it means they go on unemployment comp. If one gets away with it then they all will do it.

Obama feels the same way about the economy. Let the chips fall where they lie if it blows up, those rich aint gettin those tax cuts..

:)

265 posted on 11/16/2012 1:49:19 PM PST by sickoflibs (How long before cry-Bohner caves to O again? They took the House for what?)
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To: Sub-Driver

No Mo’ Ho Hos ...

I wonder if Obama will seize the company in the name of “national security” and rename it “Lil’ Obama Snack Cakes, Inc.” ...


266 posted on 11/16/2012 1:59:48 PM PST by Lmo56 (If ya wanna run with the big dawgs - ya gotta learn to piss in the tall grass ...)
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To: RobertClark
In case anyone hasn't worked with venture capital, they need to triple their money within 5 years in order to pay off their investors and still have enough capital to cover losses and incubate new opportunities.

VC companies have investors, most VC investments lose money, and it takes a LOT of money to start or turn around a company. High risks, sometimes high rewards.

With the capital tax structure, profits require moderate taxes in perpetuity and losses buy you nothing in terms of a tax break.

267 posted on 11/16/2012 2:16:57 PM PST by uncommonsense (Conservatives believe what they see; Liberals see what they believe.)
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To: arderkrag

In bankruptcy, the company is able to restructure contracts, with the approval of the judge. The judge approved, but the workers went on strike anyway. Screw them.


268 posted on 11/16/2012 2:19:42 PM PST by Spktyr (Overwhelmingly superior firepower and the willingness to use it is the only proven peace solution.)
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To: Pollster1

Well, as for me, I’ll have to find another defense if I murder someone and don’t have Twinkies to blame it on.


269 posted on 11/16/2012 2:25:55 PM PST by 3catsanadog (No more blaming Bush, Obama-now you inherited the mess you made.)
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To: markman46

Good luck with that. My daughter and I tried today and they were already closed up. Workers walking out with boxes of Hostess in their arms.


270 posted on 11/16/2012 2:37:31 PM PST by My hearts in London - Everett (Gingrich or bust! (5/7/12, I guess it's bust.))
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To: mware

I went to Shoppers and Giant today and got them for $2.79 and $3.00 a box. :~)


271 posted on 11/16/2012 2:39:07 PM PST by My hearts in London - Everett (Gingrich or bust! (5/7/12, I guess it's bust.))
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To: My hearts in London - Everett
Workers walking out with boxes of Hostess in their arms.

I hope the Hostess execs told them they were their "severance packages" ...

272 posted on 11/16/2012 2:59:40 PM PST by Lmo56 (If ya wanna run with the big dawgs - ya gotta learn to piss in the tall grass ...)
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I am surprised. Out of all the posts on all the Hostess threads I have read, not one has mentioned deep fried Twinkies . . .


273 posted on 11/16/2012 3:11:07 PM PST by Petruchio (I Think . . . Therefor I FReep.)
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To: Jaded

Your statement has nothing to do with my post. Hostess signed a labor agreement with the Baker’s Union. Hostess is now bound by those rules.


274 posted on 11/16/2012 3:43:08 PM PST by arderkrag (An Unreconstructed Georgian, Forever in Rebellion.)
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To: uncommonsense
In case anyone hasn't worked with venture capital, they need to triple their money within 5 years in order to pay off their investors and still have enough capital to cover losses and incubate new opportunities.

VC companies have investors, most VC investments lose money, and it takes a LOT of money to start or turn around a company. High risks, sometimes high rewards.

With the capital tax structure, profits require moderate taxes in perpetuity and losses buy you nothing in terms of a tax break.

There you go again, interjecting facts and reality into a perfectly good liberal hissy fit. You still didn't get the memo: ANY profits are evil because they were earned off the backs of the 'little man', and who cares if a bunch of rich white guys lose a little money, it is for the social good of all the employees - it should be their civic duty to just spread some of it around; afterall, had they not stolen it from the masses, they wouldn't have it in the first place. / sarc

A lot of people fail to recognize that a lot of the investors in the companies they call evil are MF's that their retirements are invested in. Profit for shareholders cannot be 'evil' as over half of the population derives some benefit from it. The number of companies that would be long gone or not exist at all absent VC and PE is immense. Add to that the number that wouldn't exist in their current form absent capital investment fueled by MF's and private investors and you would have nearly every corporation in America.

Simple accounting, common sense and logic evade most of the libtards and social do-gooders.

275 posted on 11/16/2012 3:43:58 PM PST by RobertClark (Inside every "older" person is a younger person wondering what the hell happened?)
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To: Spktyr

If you enter into a labor agreement, the union has to approve of your changes to the agreement, or they have the ability to strike.


276 posted on 11/16/2012 3:45:58 PM PST by arderkrag (An Unreconstructed Georgian, Forever in Rebellion.)
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To: arderkrag

The union has the ability to strike at any time for any reason or no reason at all.

Thing is, in bankruptcy, what the judge orders is what happens. And the judge ordered that unionist pay be reduced. Everyone but one union was fine with that, understanding it was bankruptcy.


277 posted on 11/16/2012 4:03:33 PM PST by Spktyr (Overwhelmingly superior firepower and the willingness to use it is the only proven peace solution.)
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To: My hearts in London - Everett

wow.. thanks for the info


278 posted on 11/16/2012 4:15:55 PM PST by markman46 (engage brain before using keyboard!!!)
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To: My hearts in London - Everett

well here in Orange county fullerton to be exact the store was open and the line was very long, but i got the stuff i needed and told the two gals in the store i am sorry and good luck and thank you, even a route drived came in and said good by its very sad for them.. dumb bakers union


279 posted on 11/16/2012 5:42:46 PM PST by markman46 (engage brain before using keyboard!!!)
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To: RS_Rider
Future?


280 posted on 11/16/2012 6:48:29 PM PST by digital-olive
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