Hostess to Shut Down After Failed Strike Deal
About 18,500 people will lose their jobs as Hostess, the bankrupt manufacturer of Twinkies and Wonder Bread, closes its doors upon failing to make a deal with striking bakery workers.
About 18,500 people will lose their jobs as Hostess, the bankrupt manufacturer of Twinkies and Wonder Bread, closes its doors upon failing to make a deal with striking bakery workers.
Representatives blame a series of incompetent executives for the company’s collapse. Thirty-three bakeries, 565 distribution centers and 570 bakery outlet stores will close around the United States. Individual product names, such as Twinkies and Ding Dongs, are likely to be auctioned by a bankruptcy court and be produced by new owners.
Workers at 24 of the company’s facilities went on strike this month as management sought to cut wages and benefits and end payments to pension plans. Workers held out through the company’s Thursday night deadline.
— Posted by Alexander Reed Kelly.
Wait, before you go…The Guardian:
The troubled baker’s latest owners, a collection of hedge fund investors including Ripplewood Holdings and Silver Point, blamed a strike by members of the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union for its decision to end its effort to emerge intact from bankruptcy court.
“We deeply regret the necessity of today’s decision, but we don’t have the financial resources to weather an extended nationwide strike,” Gregory Rayburn, chief executive, said Friday. He said the company will “promptly” lay off most of its employees and focus on “selling its assets to the highest bidders”.
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Highlighting a deal involving Hostess, the company known for its sweet baked treats, an investigation by The New York Times shows how private-equity executives expanded their fortunes.
News this week that Hostess will be shutting its doors brings back memories of psychiatrist Martin Blinder testifying that on the night before Dan White killed San Francisco Supervisor Harvey Milk, White "just sat there in front of the TV set, binging on Twinkies." Another psychiatrist stated, “If not for the aggravating fact of junk food, the homicides might not have taken place.” Hostess shutting its doors brings back memories of psychiatrist Martin Blinder testifying that on the night before Dan White killed San Francisco Supervisor Harvey Milk, White "just sat there in front of the TV set, binging on Twinkies."
Nobody's signing anything at the moment, but Fox might be with Coco yet Executives at the Murdochian network haven't worked out a deal with departed "Tonight Show" host Conan O'Brien, and in fact, The Hollywood Reporter noted Wednesday that the two parties haven't been in touch in two weeks, but all is not lost (continued).
According to his Web site, he's "America's Truth Detector; the Doctor of Democracy; the Most Dangerous Man in America; the All-Knowing, All-Sensing, All-Everything Maha Rushie; defender of motherhood, protector of fatherhood and an all-around good guy." Whatever he may be, Rush Limbaugh is also going to be even richer than ever with his new contract to keep talking for the next eight years.
NBC News will keep its Sunday lineup intact by giving Brian Williams a temporary stint as host of "Meet the Press," replacing the late Tim Russert for the time being. Because Russert and Williams teamed up for the Jan. 15 Democratic presidential debate in Las Vegas, many viewers might be primed to make the transition along with Williams.
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