By CANDICE CHOI, AP Retail Writer
WHITE PLAINS, N.Y. (AP) — A bankruptcy court judge is approving a request by Hostess Brands Inc. to begin winding down its operations.
The ruling came Wednesday after the maker of Twinkies and Ding Dongs failed in last-ditch negotiations to end a strike by its second-largest union.
Hostess now has the green light to terminate the jobs of its 18,000 workers and sell off its brands.
In court Wednesday, Hostess said it needed to begin the liquidation process quickly to take advantage of outside interest in its brands, which a banker said could fetch up to $2.4 billion. That’s about how much they generate in annual sales.
Hostess, based in Irving, Texas, has been spending about $1 million a day in payroll without any income since it halted operations last week.
Noooooooooooooo!!!!!!!!!!!!
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Where is their bail out? Anyone wanna bet china buys it changes the color to red and cuts the size in half for the same price!!! Way to go Michelle Obama!!!
Who cares honestly..This country is fat enough…Why do we need fatty foods?
Who cares??? How about the thousands that are out of work….??? Happy Thanksgiving to you too.
I heard a Mexican company had taken an interest. Who knows, the Twinkie could make a comeback.
@Tim Matthew I wasnt talking about the workers i was talking about the food itself.
@ Keri the country fat enough not everyone !
R.I.P. Suzy Q!!!!
No worries. Some one will buy the rights and continue production.