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Hostess to liquidate if bakers' strike continues through Thursday (18,000 jobs)
cnn money ^
| 11/14/2012
| By James O'Toole
Posted on 11/14/2012 4:45:23 PM PST by tobyhill
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To: GeronL
See my last post. Hostess is already headquartered in Texas, so it won’t take much effort to rise from the ashes!
21
posted on
11/14/2012 5:02:28 PM PST
by
Alberta's Child
("I am the master of my fate ... I am the captain of my soul.")
To: tobyhill
“They are not willing to take draconian wage and benefit cuts...”
I wonder what the terms really are? Back in fall of 2008, just as the economy was tanking, Boeing folks went on strike. The last main disagreement was that they were being “forced” to pay a $15 copay for their doctor’s visits instead of $0. I imagine their press releases also used the word “draconian”.
22
posted on
11/14/2012 5:02:46 PM PST
by
21twelve
(So I [God] gave them over to their stubborn hearts to follow their own devices. Psalm 81:12)
To: tobyhill
"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." I first thought that this was satire. The baking industry, I am told, has excess capacity and must reduce wages to remain competitive. This action does two things: it serves as a warning to the others that the union will come after them if they don't cave, and it gets capacity back in line, so the pressure on wages eases. The union wants both and doesn't give a damn about the stupid union members who are going to lose their jobs forever.
To: carriage_hill
It is a poker game. They are playing their hand, gambling with their jobs.
What skin does the other side have in the game? Anyone know? Somebody must be hoping the reorganization plan goes through. Who?
Personally, the cup cakes have not tasted the same - or nearly as good - since they went to the little vacuum form tray to hold the two cup cakes.
24
posted on
11/14/2012 5:03:48 PM PST
by
gunsequalfreedom
(Conservative is not a label of convenience. It is a guide to your actions.)
To: tobyhill
Move it overseas .
Try Belize
25
posted on
11/14/2012 5:04:05 PM PST
by
ncalburt
(Axelrod Psych OPS has gone to 24/7 non stop - "The election is over " status until Nov)
To: Gator113
...too bad Government Motors did not take this path...
26
posted on
11/14/2012 5:04:20 PM PST
by
ptsal
(E)
To: All; tobyhill
bakers striking in protest against a new contract imposed in bankruptcy court What part of IMPOSED in bankruptcy court do they not understand. I feel badly for the 13,000 not represented by the union but Hostess Brands should do what it needs to do.
To: Arthurio
Right. The one angle to this that adds some complexity and uncertainty is that Hostess owes millions of dollars to a couple of equity-fund owners/partners and nearly a billion dollars to bond holders, and the company would have to satisfy those lenders in the liquidation sale in order to “start over again.”
28
posted on
11/14/2012 5:06:50 PM PST
by
Alberta's Child
("I am the master of my fate ... I am the captain of my soul.")
To: GeronL
That is a good idea. I'm getting tired of all these Libtards and unions complaining about the “wealthy” but continuing to work for them. They should do the honorable thing, quit and go elsewhere.
29
posted on
11/14/2012 5:07:01 PM PST
by
tobyhill
To: Arthurio
Like, say, Bimbo?
http://en.wikipedia.org/wiki/Bimbo_Bakeries_USA
30
posted on
11/14/2012 5:07:29 PM PST
by
manic4organic
(It was nice knowing you, America.)
To: tobyhill
"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."So... I guess they'd rather have no job, no paycheck, no benefits and no retirement, eh? Because it looks like that's what they're choosing.
To: Farmer Dean
Zombieland comes to mind.
32
posted on
11/14/2012 5:12:08 PM PST
by
driftdiver
(I could eat it raw, but why do that when I have a fire.)
To: Farmer Dean
The pink spongey balls with coconut call out to me.
To: Alberta's Child
Yes, it moved its headquarters here. That was a great idea, but some of its operations are in union states. (5,000 of 18,000 workers ruining it for everyone)
Save money by shutting down the bakeries in union states!
I wonder if I could pay them a visit, being they are local.
34
posted on
11/14/2012 5:17:15 PM PST
by
GeronL
(http://asspos.blogspot.com)
To: tobyhill
Hostess is one my own employers biggest accounts. I’m really sorry to see this happening.
To: Alberta's Child
At one time Americans wanted to work, it’s clear that these workers would rather collect unemployment.
Why worry about their pensions when they will be lost anyway if the place closes.
36
posted on
11/14/2012 5:17:55 PM PST
by
Venturer
To: MayflowerMadam
Snowballs are good, aren’t they?
37
posted on
11/14/2012 5:19:54 PM PST
by
GeronL
(http://asspos.blogspot.com)
To: tobyhill
Only 7 percent of the private sector work force is unionized. Losing 5000 is going in the right direction. Just move to a right-to-work state, problem solved.
38
posted on
11/14/2012 5:22:52 PM PST
by
central_va
( I won't be reconstructed and I do not give a damn.)
To: Farmer Dean
What!No more Twinkies?
Any Ding Dong can see that this means war.
39
posted on
11/14/2012 5:26:31 PM PST
by
fella
("As it was before Noah, so shall it be again,")
To: tobyhill
I just finished eating a Hostess Orange cupcake.
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