Hostess is Bankrupt - No More Twinkies Ever
Say Bye Bye to The Twinkie
After months and months of problems, Hostess announced today that it will be shuttering its company and laying of almost 20,000 people. Worse still? This means that the world will no longer have Twinkies. (Just think of all the excess shelf space 7-11 will have now!)
The iconic company (which also makes Wonder bread in addition to several other snack cakes) has fallen on tough times lately. On November 9, workers went on strike when a court awarded the bankrupt company the right to impose pay cuts.
Workers had until 5pm yesterday to get back to their jobs and when they refused, the 85 year old company announced that it will sell off its assets and shutter its doors.
"Many people have worked incredibly long and hard to keep this from happening, but now Hostess Brands has no other alternative than to begin the process of winding down and preparing for the sale of our iconic brands," CEO Gregory F. Rayburn wrote in a letter to employees. "We deeply regret taking this action. But we simply cannot continue to operate without the ability to produce or deliver our products."
Hostess has 36 bakeries, 565 distribution centers, and 570 outlet stores worldwide. The company-wide shutdown will most likely go into effect next week. Won't be a happy Thanksgiving for them.