Enlarge image The big name in the Hostess lineup.
The big name in the Hostess lineup.
Maybe the end is nigh, after all.
A judge has approved Hostess' plan to liquidate the company, all but assuring that the maker of Twinkies, Ding Dongs, Donettes and Wonder Bread will cease to exist.
The New York Times reports:
"Judge [Robert] Drain's motion spells the almost certain end of Hostess, an 82-year-old bakery that survived the Great Depression, numerous wars and countless low-carb diets. But the company, whose stable of sugary confections also include Ho Hos and Ding Dongs, struggled for more than a decade with the public's increasing fondness for lower-calorie, less-processed snacks.
"During a hearing that stretched for more than four hours, company executives and advisers espoused a simple message: expedited sales of the company's brands will raise the maximum amount of money possible. And letting Hostess begin shutting its doors for good sooner would be kinder to employees."
As we've told you last Friday, the company decided to call it quits saying they "simply do not have the financial resources to survive an ongoing national strike."
But, this week, a bankruptcy judge asked the company and its employees' union to give negotiations one more try. Those failed, so Judge Drain gave the go ahead for liquidation today.
The AP says Hostess is now free to fire its 18,000 workers and "take advantage of outside interest in its brands, which a banker said could fetch up to $2.4 billion."
The Daily Docket: Hostess CEO Threatens Liquidation If Union Doesn ... The chief executive of Hostess Brands Inc. said the troubled maker of Twinkies and Wonder Bread will immediately liquidate if union members dont sign on ... Bankruptcy judge gives Hostess more time - The Deal Pipeline ... The baked-goods company secures a 90-day extension on its exclusive right to file and solicit acceptances for a reorganization plan. Negotiations between bankrupt Twinkies maker Hostess and its ... Bankrupt Hostess Brands is turning up the heat on its bakers union. A judge today is expected to give the maker of Twinkies and Wonder Bread the right to impose a ... Important Questions and Answers about the Hostess Bankruptcy Q. What is a bankruptcy? A. A bankruptcy is a legal proceeding with a special set of rules and standards governing a companys rights and obligations (as well as ... Teamsters OK CBA, save Hostess from liquidation - The Deal ... Restructuring Sign up for Restructuring Newsletter Print Share Discuss Reprint Teamsters OK CBA, save Hostess from liquidation by Jamie Mason Published ... Hostess Brands warns that it might shut down, liquidate - Dallas ... Hostess Brands Inc. warned the State of Texas Wednesday that it might have to shut down and liquidate its business, should certain conditions happen during ... Borders Forced to Liquidate, Close All Stores - WSJ.com Borders plans to shut its remaining 399 stores. Above, the exterior of a closed store in San Rafael, Calif. Borders Group Inc. said it would liquidate ... Judge Denies Hostess's Bid to Scrap Teamsters Contract ... A judge on Monday denied Hostess Brands Inc.'s bid to shed deals with its biggest union, the Teamsters, sending the bakery company back to the drawing board as it ... I-Team: Mobster Jerry Scalise gets 8 1/2 year sentence, thanks to ... August 29, 2012 (CHICAGO) (WLS) -- One of Chicago's most notorious mobsters was sentenced to federal prison Wednesday. But Jerry Scalise's sentence wasn't as long as ... Hostess Twinkie parent's just deserts up to unions - Chicago Tribune Hostess brand Twinkies move through a packaging line at a plant in Schiller Park. The parent company says it will be forced to liquidate if union members ...
