Hostess Approved for Liquidation
Via JD Journal:
Goodbye, Twinkie. It was a nice run. . .
The company that bakes Twinkies, Hostess Brands Inc., won its court approval to begin shutting down its operations across the country and start selling its assets. It also won approval to begin laying off 18,500 employees following the mediation failure between the company and its bakers union to come to an agreement on a contract, according to the Los Angeles Times.
Robert Drain, the United States Bankruptcy Judge presiding over the case, told Hostess it could sell its plants and its brands after he sat in during the mediation on Tuesday. The union on strike is that of Bakery, Confectionery, Tobacco and Grain Millers Union, which represents close to 5,000 employees at Hostess. . .
- Greg Pollowitz