Hostess Brands closing for good
Excerpt:NEW YORK (CNNMoney) -- Hostess Brands -- the maker of such iconic baked goods as Twinkies, Devil Dogs and Wonder Bread -- announced Friday that it is asking a federal bankruptcy court for permission to close its operations, blaming a strike by bakers protesting a new contract imposed on them. The closing will result in Hostess' nearly 18,500 workers losing their jobs as the company shuts 33 bakeries and 565 distribution centers nationwide. The bakers' union represents around 5,000. Hostess will move to sell its assets to the highest bidder. That could mean new life for some of its most popular products, which could be scooped up at auction and attached to products from other companies. "We deeply regret the necessity of today's decision, but we do not have the financial resources to weather an extended nationwide strike," said CEO Gregory Rayburn in a statement.
Keywords:
bankruptcy court bakers Hostess Brands company CNNMoney concession contract highest bidder Wonder Bread NEW YORK Devil Dogs distribution centers equity stake hedge funds salaries Silver Point health care unions scooped blaming Twinkies Teamsters bakeries baked bump restructuring wages Monarch assets pension maker Gregory auction first year trip weather investment financial resources management International groupPeople:
CEO Gregory Rayburn
Overall Sentiment: 0.0417095
Relevance: 0.591175
| Sentiment | Quote |
|---|---|
| -0.65818 | "We deeply regret the necessity of today's decision, but we do not have the financial resources to weather an extended nationwide strike," said CEO Gregory Rayburn ... |
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Chris Isidore
Overall Sentiment: 0
Relevance: 0.485609
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Additional Info:
City: NEW YORK
Overall Sentiment: 0.083975
Relevance: 0.918624
Disambiguation: References:
Organization: International Brotherhood of Teamsters
Overall Sentiment: 0.0276498
Relevance: 0.599225
Disambiguation: TradeUnionReferences:
Company: Silver Point Capital
Overall Sentiment: 0.0521834
Relevance: 0.501526
Company: Monarch Alternative Capital
Overall Sentiment: 0
Relevance: 0.476691
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Hostess Brands closing for good
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Hostess Brands -- the maker of such iconic baked goods as Twinkies, Devil Dogs and Wonder Bread -- announced Friday that it is asking a federal bankruptcy court for permission to close its operations, blaming a strike by bakers protesting a new contract imposed on them.
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- bakers
- bankruptcy
- CNNMoney
- hostess
- liquidation
- strike
- teamsters
- twinkies
- union
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