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 thats 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 everyones considerable efforts to move Hostess out of its restructuring, when we began implementing the Companys 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.
Theres 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 ...
Well you seem to keep coming back......
I do know lots of nice guys that belong to a union, but none by choice.
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