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Twinkies no more
Topic Started: Fri Nov 16, 2012 8:26 am (878 Views)
wissaboo
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Twinkies maker Hostess plans to go out of business


Hostess Brands Inc, the bankrupt maker of Twinkies and Wonder Bread, said it had sought court permission to go out of business after failing to get wage and benefit cuts from thousands of its striking bakery workers.

Hostess, which has about $2.5 billion in sales from a long list of iconic consumer brands of snack cakes and breads, said it had suspended operations at all of its 33 plants around the United States as it moves to start liquidating assets.

“We’ll be selling the brands and as much of the infrastructure as we can,” said company spokesman Lance Ignon. “There is value in the brands.”

Hostess said a strike by members of the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union that began last week had crippled its ability to produce and deliver products at several facilities, and it had no choice but to give up its effort to emerge intact from bankruptcy court.

The Irving, Texas-based company said the liquidation would mean that most of its 18,500 employees would lose their jobs.

Hostess had given employee a deadline to return to work on Thursday, but the union held firm, saying it had already given far more in concessions than workers could bear and that it would not bend further. Union officials blamed mismanagement for the company’s woes.

The company, which filed for bankruptcy in January for the second time since 2004, said it had filed a motion with U.S. Bankruptcy Judge Robert Drain in White Plains, New York, for permission to shut down and sell assets.

Hostess has 565 distribution centers and 570 bakery outlet stores, as well as the 33 bakeries. Its brands include Wonder, Nature’s Pride, Dolly Madison, Drake’s, Butternut, Home Pride and Merita, but it is probably best known for Twinkies - basically a cream-filled sponge cake.

“We do not have the financial resources to weather an extended nationwide strike,” Chief Executive Officer Gregory Rayburn said in a statement. “Hostess Brands will move promptly to lay off most of its 18,500-member workforce and focus on selling its assets to the highest bidders.”

The company said in court filings that it would probably take about a year to wind down. It will need about 3,200 employees to start that process, but only about 200 after the first few months.

Union President Frank Hurt said the company’s failure was not the fault of the union but the “result of nearly a decade of financial and operational mismanagement” and that management was trying to make union workers the scapegoats for a plan by Wall Street investors to sell Hostess.

Hostess said its debtor-in-possession lenders had agreed to allow it to retain access to $75 million to fund the wind-down process.

The company has canceled all orders with its suppliers and said any product in transit would be returned to the shipper.

In its filing with the court, the company said it would have incurred a loss of between $7.5 million and $9.5 million from Nov. 9 to Nov. 19 in lost sales and increased costs.

“These losses and other factors, including increased vendor payment terms contraction, have resulted in a significant weakening of the debtors’ cash position and, if continued, would soon result in the debtors completely running out of cash,” it said.

Hostess had already reached an agreement on pay and benefit cuts with the International Brotherhood of Teamsters, its largest union.

In its January bankruptcy filing, Hostess listed assets of $981.6 million. In a February filing, it assessed the value of its patents, copyrights and other intellectual property at some $134.6 million, although it did not break down the value by brands.

The company’s last operating report, filed with the bankruptcy court in late October, listed a net loss of $15.1 million for the four weeks that ended in late September, mostly due to restructuring charges and other expenses.

The case is In re: Hostess Brands Inc, U.S. Bankruptcy Court, Southern District of New York, No. 12-22052.


http://www.torontosun.com/2012/11/16/hostess-brands-seeks-court-permission-to-liquidate


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ReedEnterprise
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:crying: :crying: :crying:
"Reed Alert, that's not bad".....Malcolm Reed
tIqjaj yInlIj 'ej bIchepjaj LL&P in Klingon
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Lus
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Sherlock... I mean... KHANNNNNNN

:o

They are a "only in the US" thing so I've never had one but now I guess I'll never get chance to try one. That makes me kinda sad, they look nice.
:lus:
It's a Star Trek Miracle!
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Lus
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Sherlock... I mean... KHANNNNNNN

The people who made Walle got it wrong! They put Twinkies in the film as a only cockroaches & Twinkies will survive when humans wreck the earth!
:lus:
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spocklet
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Live long and prosper.....!!

Well, there go the bar nibbles.......!! :(

Be interesting to see how the union is gonna keep all the workers financially sound, after the shutdown........but of course, they never thought about that BEFORE calling a strike, did they ??
R.I.P. Gummy, we'll miss you bro
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JK1701
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KHAAAAAAAAAAAAAAAAAAAAN!!!!!!

NOOOOOOOOOOOOOOOOOOOOOO!!!!!!!!!!!! GOD IN HEAVEN, WHY?!?!?!?! I CAN'T LIVE WITHOUT MY LITTLE BARS OF FATTY, TASTY GOODNESS!!!!!! :crying: :bigcry: :headdesk:
















I'm ok........
Ah, Kirk, my old friend. Do you know the Klingon proverb which tells us revenge is a dish that is best served cold? It's very cold.......in spaaaace.


:JK1701:

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wissaboo
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JK1701
Fri Nov 16, 2012 9:44 am
NOOOOOOOOOOOOOOOOOOOOOO!!!!!!!!!!!! GOD IN HEAVEN, WHY?!?!?!?! I CAN'T LIVE WITHOUT MY LITTLE BARS OF FATTY, TASTY GOODNESS!!!!!! :crying: :bigcry: :headdesk:
















I'm ok........
run down to the store and stock up right now.


It's not like they go bad or something.

:rachel:
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JK1701
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KHAAAAAAAAAAAAAAAAAAAAN!!!!!!

Bahaha true that! They'll last forever. Actually, I won't miss the twinkies so much as I will the little chocolate snack cake thingies hostess makes. I can't remember what they called them, but I love those things SOOOo much! :drool:
Ah, Kirk, my old friend. Do you know the Klingon proverb which tells us revenge is a dish that is best served cold? It's very cold.......in spaaaace.


:JK1701:

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wissaboo
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they look like little foil hockey pucks? what are they called?
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slutpuppy
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:lol: its a shame what unions can force a company to do.............
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trekslut=lus stalker rest in peace mr meowgi 12/28/10
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thank you denny, i love it!!! :*
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JK1701
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KHAAAAAAAAAAAAAAAAAAAAN!!!!!!

No, they're rectangular cakes, there's always three in a package, and they have some amazing kind of frosting on them.
Ah, Kirk, my old friend. Do you know the Klingon proverb which tells us revenge is a dish that is best served cold? It's very cold.......in spaaaace.


:JK1701:

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JK1701
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KHAAAAAAAAAAAAAAAAAAAAN!!!!!!

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These!!!!!!! :drool:
Ah, Kirk, my old friend. Do you know the Klingon proverb which tells us revenge is a dish that is best served cold? It's very cold.......in spaaaace.


:JK1701:

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wissaboo
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that's not the ones I'm thinking of
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wissaboo
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these!

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JK1701
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KHAAAAAAAAAAAAAAAAAAAAN!!!!!!

I like those, as well, but no nearly as much as I love the Zingers! I have got to go to the store and stock up on those. I wonder if they'll last as long as the Twinkies would......
Ah, Kirk, my old friend. Do you know the Klingon proverb which tells us revenge is a dish that is best served cold? It's very cold.......in spaaaace.


:JK1701:

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wissaboo
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only one way to find out
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JK1701
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KHAAAAAAAAAAAAAAAAAAAAN!!!!!!

:yes: My thoughts exactly!
Ah, Kirk, my old friend. Do you know the Klingon proverb which tells us revenge is a dish that is best served cold? It's very cold.......in spaaaace.


:JK1701:

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Mojochi
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...........................

slutpuppy
Fri Nov 16, 2012 9:52 am
:lol: its a shame what unions can force a company to do.............
It's a complex thing though. Do you rape all the workers to save a company that has been mismanaged to the point of bankruptcy? The strikers had to know losing their jobs would be a real possibility, but continued to strike anyway, because it was at that point, where they really had to

Quote:
 
They are a "only in the US" thing so I've never had one but now I guess I'll never get chance to try one. That makes me kinda sad, they look nice.

Imagine Strawberry shortcake, without strawberries, & the cake is waaaaay worse for you, but oh so tasty

Quote:
 
We'll be selling the brands and as much of the infrastructure as we can

Perhaps someone will pick up the Twinkies brand. It's a household name & there's a definite value to it. Little Debbie, Dolly Madison, or somebody
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ReedEnterprise
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Ding Dongs..........Oh man I use to like them

Thank God Drakes makes Devil Dogs. I'd be lost, i LOVE those things
"Reed Alert, that's not bad".....Malcolm Reed
tIqjaj yInlIj 'ej bIchepjaj LL&P in Klingon
"I am Mork from Ork. NaNu NaNu"


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AWOLangel
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JK1701
Fri Nov 16, 2012 10:13 am
I like those, as well, but no nearly as much as I love the Zingers! I have got to go to the store and stock up on those. I wonder if they'll last as long as the Twinkies would......
could try freezing them :idon'tknow:
All that I am, or hope to be, I owe to my angel mother.--Abraham Lincoln
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