Hostess Brands Inc. says it's going out of business after striking workers across the country crippled its ability to make its Twinkies, Ding Dongs and other snacks.Please bookmark!
The company had warned employees that it would file a motion with U.S. Bankruptcy Court Friday seeking permission to shutter its operations and sell its brands if plants hadn't resumed normal operations by a Thursday evening deadline. The deadline passed without a deal.
The closing would mean the loss of about 18,500 jobs.
"I don't know if they thought that was a bluff," CEO Gregory Rayburn said on CNBC Friday. He said the financial impact of the strike makes it "too late" to save the company even if workers have a change of heart. That's because the clients such as retailers decide to stop carrying products when supplies aren't adequate.
PUNDIT PRESS HAS MOVED
Today marks a very exciting day as we launch the new and improved Pundit Press. We have joined forces with High Plains Pundit to design a new website to provide our readers with even more news and information.
Here is the link that will direct you to the new Pundit Press website: http://thepunditpress.com/
This new partnership will also include all 3 of Danny R. Butcher's (aka High Plains Pundit) internet radio shows, Nightly Review, The Danny R. Butcher Show, and Sunday Night Sports Talk.
A special thank you to all of the Pundit Press readers out there for your continued support. We are very excited about what the future holds for Pundit Press, and we hope that you continue with us on this journey.