Ding Dong, the Ding Dongs Dead.
Say it ain't so!!!!
Strike may force Hostess to go out of business
Hostess Brands - the maker of Twinkies, Wonder Bread and other
household-name products - said it would seek this week to liquidate
the company unless enough workers stopped striking by the end of the
workday on Thursday to allow the company to resume normal operations.
Members of the Bakery, Confectionery, Tobacco Workers and Grain
Millers International Union (BCTGM) went on strike on Nov. 9 in
response to court-approved pay cuts. The company, which has about
18,000 employees, filed for Chapter 11 bankruptcy in January.
Hostess said it would file a motion with U.S. Bankruptcy Court in
White Plains, N.Y., on Friday to close shop and sell its assets if
enough employees do not return to work by 5 p.m. Eastern time on
Thursday. If the motion is granted, Hostess would begin to close its
operations as soon as Nov. 20.
Hostess Chief Executive Gregory Rayburn said the company did not
have the financial wherewithal to weather an ongoing strike. A union
spokesman was not immediately available for comment.
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