Hostess Uses Last of Nine Lives, Moves to Final Shutdown
Hostess management has tried nearly every reasonable means to keep the baker of Twinkies open, or so they say. Whether the claims are true or not, a short burst of optimism brought on by a decision to move to mediation between unions representing some of Hostess' workers has failed.
The Wall Street Journal reports:
Hostess Brands Inc. will continue down the path to a full liquidation after a last-ditch mediation session with its striking bakers' union failed to save the Twinkie maker.
The company, which has already shuttered its plants and sent its workers home, will push ahead with its bid to embark on a shutdown that will leave about 18,500 people unemployed and its iconic brands either in the hands of new owners or gone forever, a company spokesman said Tuesday evening.
Douglas A. McIntyre
Filed under: 24/7 Wall St. Wire, Bankruptcy Tagged: featured