Twinkie-maker Hostess to go out of business, laying off 18K workers
Posted:
Updated:
CHICAGO (Sun-Times Media Wire) -
Hostess Brands Inc., maker of the iconic Twinkie pastry, announced Friday that the company will seek to disband and go out of business -- in the process laying off more than 18,000 workers.
The Irving, Texas-based company is blaming the planned shut-down of operations on striking workers who have opposed benefit, wage and pension concessions the company sought, according to a statement issued Friday morning.
In fact, since Nov. 14, the company has warned it would "be forced to liquidate" if employees did not return to work, according to the release.
"We deeply regret the necessity of today's decision, but we do not have the financial resources to weather an extended nationwide strike," Gregory F. Rayburn, Hostess chief executive officer, said in the release. "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 wind down of the business was authorized by the company's board of directors "to preserve and maximize the value of the estate," according to the release.
The company, which owns a bakery in suburban Schiller Park, has filed a motion in U.S. Bankruptcy Court seeking to close business, and sell it's assets, including popular pastries such as the Twinkie.
Monday, February 25 2013 1:41 PM EST2013-02-25 18:41:37 GMT
Just as Oscar host Seth MacFarlane set his sights on a variety of targets with a mixture of hits and misses, the motion picture academy spread the gold around to a varied slate of films.
Just as Oscar host Seth MacFarlane set his sights on a variety of targets with a mixture of hits and misses, the motion picture academy spread the gold around to a varied slate of films.
Tuesday, February 5 2013 3:09 PM EST2013-02-05 20:09:54 GMT
Millions and millions of people tuned in to watch the Super Bowl, and including our friends serving overseas. Thousands of Chicago-style pizzas were sent overseas Tuesday.
Millions and millions of people tuned in to watch the Super Bowl, and including our friends serving overseas. Thousands of Chicago-style pizzas were sent overseas Tuesday.
Thursday, May 23 2013 10:40 PM EDT2013-05-24 02:40:45 GMT
Things are going to be very busy at Chicago's O'Hare International Airport this weekend. Many travelers will also hit the roads for Memorial Day, and they'll pay the price at the pump.
Things are going to be very busy at Chicago's O'Hare International Airport this weekend. Many travelers will also hit the roads for Memorial Day, and they'll pay the price at the pump.
Former Groupon exec Jayna Cooke founded Closet Angels, a new organization that sells donated designer clothing and all the proceeds benefit St. Jude Children's Research Hospital.
Former Groupon exec Jayna Cooke founded Closet Angels, a new organization that sells donated designer clothing and all the proceeds benefit St. Jude Children's Research Hospital.
FOX Business Network's Jo Ling Kent shared advice about a phishing scam traversing Twitter right now, that could be sitting in your direct message inbox. If you don't know where a link will lead you, don't click on it!
FOX Business Network's Jo Ling Kent shared advice about a phishing scam traversing Twitter right now, that could be sitting in your direct message inbox. If you don't know where a link will lead you, don't click on it!
Mommy beta blogger and home & family technology expert Natali Morris shared some quick tips to save cash on household costs this summer, like using a land line, smart appliances and cloth diapers.
Mommy beta blogger and home & family technology expert Natali Morris shared some quick tips to save cash on household costs this summer, like using a land line, smart appliances and cloth diapers.
David's Tea teamed up one of Chicago's hottest artisinal cocktail lounges, Chicago's Violet Hour, to create a new line of summer drinks! Lisa Tipton and Tyler Fry joined Good Day Chicago to explain.
David's Tea teamed up one of Chicago's hottest artisinal cocktail lounges, Chicago's Violet Hour, to create a new line of summer drinks! Lisa Tipton and Tyler Fry joined Good Day Chicago to explain.
Wednesday, May 22 2013 8:53 AM EDT2013-05-22 12:53:15 GMT
Illinois' congressional delegation has asked President Obama to add 16 Illinois counties to the list of those eligible to receive disaster aid after last month's flooding.
Illinois' congressional delegation has asked President Obama to add 16 Illinois counties to the list of those eligible to receive disaster aid after last month's flooding.
On this week's Ask the Expert, Redfin real estate agent and local housing market expert Jenna Smith answered your questions about pre-financial crisis prices, a good time to buy and what "comps" are.
On this week's Ask the Expert, Redfin real estate agent and local housing market expert Jenna Smith answered your questions about pre-financial crisis prices, a good time to buy and what "comps" are.
Yahoo is buying online blogging forum Tumblr for $1.1 billion as CEO Marissa Mayer tries to rejuvenate an Internet icon that had fallen behind the times.
After falling woefully out of fashion, Yahoo wants to be cool again while catering to the capitalistic demands of its shareholders. That goal led CEO Marissa Mayer to make a $1.1 billion bet on online blogging forum Tumblr...
A Chicago startup wants to make finding your lost items easier, with a new website and mobile app called "crowdfynd." Co-founders Jay Sebben and Pinaki Saha explained how they're helping relieve your anxiety.
A Chicago startup wants to make finding your lost items easier, with a new website and mobile app called "crowdfynd." Co-founders Jay Sebben and Pinaki Saha explained how they're helping relieve your anxiety.
Thursday, May 23 2013 10:55 PM EDT2013-05-24 02:55:34 GMT
As the country looks at the relief efforts in Oklahoma, Illinois is training for the same kind of disaster. The Illinois National Guard prepares every year for disaster events.
As the country looks at the relief efforts in Oklahoma, Illinois is training for the same kind of disaster. The Illinois National Guard prepares every year for disaster events.
Thursday, May 23 2013 10:40 PM EDT2013-05-24 02:40:45 GMT
Things are going to be very busy at Chicago's O'Hare International Airport this weekend. Many travelers will also hit the roads for Memorial Day, and they'll pay the price at the pump.
Things are going to be very busy at Chicago's O'Hare International Airport this weekend. Many travelers will also hit the roads for Memorial Day, and they'll pay the price at the pump.
Thursday, May 23 2013 8:32 PM EDT2013-05-24 00:32:17 GMT
A couple accused of murdering a 1-month-old boy and allegedly dumping the body in the Des Plaines River pleaded not guilty to the crime during a Thursday court hearing in Maywood.
A couple accused of murdering a 1-month-old boy and allegedly dumping the body in the Des Plaines River pleaded not guilty to the crime during a Thursday court hearing in Maywood.
