Twinkies maker may quit, liquidate, if strike persists.

[powderman]

http://abcnews.go.com/Business/twinkies-maker-hostess-liquidate-company-strikes-persist/story?id=17725053
 
Twinkies Maker Hostess to Liquidate Company if Strikes Persist       A photo of a twin pack of Hostess Twinkies. (AFP/Getty Images)                 By JEANETTE TORRES  Nov. 15, 2012 
  The end for Twinkies may just be hours away. Hostess Brands Inc., the maker of the iconic snack, announced on Wednesday that it will liquidate the entire company if not enough striking employees return to work by Thursday evening.
 
"We simply do not have the financial resources to survive an ongoing national strike," Hostess CEO Gregory Rayburn said in a statement Wednesday. "Therefore, if sufficient employees do not return to work by 5 p.m., EST, on Thursday to restore normal operations, we will be forced to immediately move to liquidate the entire company, which will result in the loss of nearly 18,000 jobs."
The strikes began on Nov. 9, when the company imposed a contract that would cut workers' wages by 8 percent. The Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (BCTGM) said the contract would also cut benefits by 27 to 32 percent.
      AFP/Getty Images A photo of a twin pack of Hostess Twinkies. View Full Size    AFP/Getty Images A photo of a twin pack of Hostess Twinkies.       Snack Attack Watch Video        Hidden Calories: Are You Being Healthy? Watch Video        Healthy Snacks Watch Video    Hostess, which is privately owned by two hedge funds, has struggled in recent years with two bankruptcy filings. The company said it "has done everything in its power to pursue a reorganization of its business as a going concern, including spending the better part of 18 months negotiating with its key constituents to obtain a consensual agreement."
"It is now up to Hostess' BCTGM represented employees and Frank Hurt, their international president, to decide if they want to call off the strike and save this company, or cause massive financial harm to thousands of employees and their families," Rayburn said.
If the strike continues, Hostess said it will file a motion on Friday to wind-down the company and sell all of its assets. If the U.S. Bankruptcy Court grants the motion, the company will then begin to close all of its operations as early as Nov. 20.
 
"Hostess Brands is making a mockery of the labor relations system that has been in place for nearly 100 years," union President Frank Hurt said in a statement earlier this week. "Our members are not just striking for themselves, but for all unionized workers across North America who are covered by collective bargaining agreements."
The union, which represents more than 80,000 industry workers, maintains that the company's policies will bring its members back to workplace standards of the 1950s.
ABC News' David Wright contributed to this report

[BUGEYE]

I had a lot of friends lose their jobs because of the union bringing down eastern airlines.
unions have out-lived their usefulness.

when Delta airlines (non-union) had financial problems, we employees volunteered a pay-cut.
it was called project 767.  we bought them a boeing 767.  ship number 102 had SPIRIT OF DELTA
painted on the side.
during that time, nobody was laid off.

those union thugs need to rethink their demands.  which is better, a little smaller paycheck, or no paycheck at all??

besides, killing the twinkie would be sacrilege.

[two-blocked]

Good news! Twinkies are a gateway food to the gay lifestyle!

[Conan The Librarian]

I thought Hostess was already in bankruptcy and facing liquidation. Seems there was something in the news about it last year. Did somebody bail them out then?
 
The union thing reminds me of the United Auto Workers old slogan "Working Together". I guess they want to change it to "Not Working Together".

[BUGEYE]

I thought Hostess was already in bankruptcy and facing liquidation. Seems there was something in the news about it last year. Did somebody bail them out then?
 
The union thing reminds me of the United Auto Workers old slogan "Working Together". I guess they want to change it to "Not Working Together".

they've been struggling for a while.  so now is not a good time for big demands.
I like your "not working together".

[Sourdough]

The union does not care, give them what they want or you go under.  Have seen them drive companies over the edge.

My Dad worked for a company that voted to go union.  The owner had told them he could not afford the union demands, if they went union the plant would shut down.  The union men told the employees not to worry the owner was bluffing.  The day after the vote the gates were locked, and the security guard had pink slips for all the employees as they came to the gate.  All those employees were left high and dry by the union.  Since they had not been in the union for 30 days, the union said they were not union employees and were not entitled to any benifits.

Will Obama bail out Twinky, like he bailed out Chevy?

[Conan The Librarian]

I've seen similar things. One case was interesting because the company already had land substantially developed so they could move their operations and be back in business pretty quickly.
 
 

[308Win]

Mexican production starting soon,minus Union?