Death of the Ding-Dong, Twinkie, Wonder Bread: Hostess to Close
Reports are that Hostess is starting to close down after a labor dispute. End of a beloved era, or good riddance to junk food heaven?
Twinkies. Hostess Cupcakes. Wonder Bread. Ding-Dongs. They will be gone forever, with reports that Hostess Brands, Inc.will sell off or close down its 82-year old business. Done in, the CEO claims, by labor union action. Hostess filed for Chapter 11 bankruptcy protection in January. The company has been challenged by not only by snarly labor relations, and a national strike by its second-largest labor union, but also, posits the Wall Street Journal, by consumers switching to healthier foods and high ingredient costs. One caveat: The Journal says that Hostess has threatened liquidation before, and not followed through. The move puts 18,500 workers out of their jobs, CNN reports. What do you think about this end to a junk-food kingdom?
Noreswindnk
2:55 pm on Saturday, November 17, 2012
Corporate greed? How much corporate greed is involved in bankruptcy followed by liquidation? Corporate shareholders get zip, bondholders may get a dime on a dollar. No corporate anything here dude. The unions had options, made choices, lost jobs, will now stand in unemployed lines to fill out applications for jobs, will whine "there are no jobs, gov't needs to help me", some will get lucky, … more ›