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November 26, 2014, 12:49:41 PM
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Badmovies.org Forum  |  Other Topics  |  Off Topic Discussion  |  Hostess goes Bankrupt!!!!! « previous next »
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Author Topic: Hostess goes Bankrupt!!!!!  (Read 4553 times)
El Misfit
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« on: November 16, 2012, 09:52:57 PM »

http://finance.yahoo.com/news/hostess-close-cites-nationwide-worker-123953115.html
Quote
Hostess, the maker of Twinkies and Wonder Bread, plans to go out of business, lay off its 18,500 workers and sell its snack cake and bread brands.

The Irving, Texas, company said a nationwide strike crippled its ability to make and deliver its products, which also include Ding Dongs, Ho Ho's and Home Pride bread.

Hostess suspended bakery operations at all its factories and said its stores will remain open for several days to sell already-baked products.

The company had warned employees that it would file a motion in U.S. Bankruptcy Court to unwind its business and sell assets if plant operations didn't return to normal levels by Thursday evening. The privately held company filed for Chapter 11 protection in January, its second trip through bankruptcy court in less than a decade.

"Many people have worked incredibly long and hard to keep this from happening, but now Hostess Brands has no other alternative than to begin the process of winding down and preparing for the sale of our iconic brands," CEO Gregory F. Rayburn said in a letter to employees posted on the company website.

He added that all employees will eventually lose their jobs, "some sooner than others."

"Unfortunately, because we are in bankruptcy, there are severe limits on the assistance the (company) can offer you at this time," Rayburn wrote.

Thousands of members of the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union went on strike last week after rejecting in September a contract offer that cut wages and benefits. Hostess said Friday the company is unprofitable "under its current cost structure, much of which is determined by union wages and pension costs."

A union representative did not immediately return a call from The Associated Press seeking comment on the company's announcement.

Hostess has said that production at about a dozen of the company's 33 plants has been seriously affected by the strike. Three plants were closed earlier this week.

Hostess had already reached a contract agreement with its largest union, the International Brotherhood of Teamsters.

The company, founded in 1930, was fighting battles beyond labor costs. Competition is increasing in the snack space and Americans are increasingly conscious about healthy eating. Hostess also makes Dolly Madison, Drake's and Nature's Pride snacks.



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indianasmith
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« Reply #1 on: November 16, 2012, 10:09:00 PM »

Union Greed sinks another company.  Welcome to Obama's America.
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« Reply #2 on: November 16, 2012, 10:46:09 PM »

Really Indy,  You have my utmost respect most of the time but this blame Obama thing is getting old. 
I'm sorry your guy lost, I'm sorry you don't like who won.  But the UN tanks will not roll nor will we be calling each other Comrade next week.

But you are a historian, a very smart man,  and a teacher, how much power does President REALLY have?
Nixon, Reagan, Bush II, and even Clinton swung more weight and did more substantive changes than Obama has so far and with far less opposition, and how much did the country REALLY change?  Did we go down the toilet THEN? Why would we do so suddenly now?

The system is set up to keep the Dictators out, and frankly a Republican house, and a right leaning supreme court have and will keep things going centered for another four years and Hey Presto we get another shot at another president.  Maybe then the republicans will not put up a clueless semi-Aristocrat and will get it back, maybe not.   

Before liberalism gets bandied about, I was huge McCain supporter in 2000 and had he gotten the nomination we'd be a better country now.  But I won't support the party of the tea party conspiracy theorists, or ultra rich plutocrats, or some of the racists I'm seeing.  I believe in a balanced budget, strong military, and capital punishment.  I also believe in taking care of people so they can contribute to society. I DON'T Believe in entitlement, corporate personhood, lobbyist rule, or multigenerational welfare.

Anyway I still consider you a friend and will seek your wisdom any time, but on this we gotta disagree. 

Just to get back on topic, I bet the Hostess thing is MORE a lousy corn harvest, high transportation costs, and the bottom dropping out of the semi-synthetic snack market. 

Sorry to rant, hope we can be cool. 
-Ed


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indianasmith
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« Reply #3 on: November 16, 2012, 10:56:14 PM »

Of course we are.  I'm not saying that Obama is directly responsible for Hostess going down, but I do believe that this uber-Union-friendly administration has created a climate where Unions are going to demand more and more, and many companies on the brink will find it cheaper to go bankrupt than to cave in to people whose default setting is always to demand more, no matter whether the company is Union friendly or not.

But think about this . . . the country is legalizing pot, and TWINKIES are out of business?  There is a conspiracy afoot!!!!
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« Reply #4 on: November 16, 2012, 11:02:49 PM »

Small | Large


The Unions deserve much of the blame but the products weren't as popular as they once were.
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LilCerberus
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« Reply #5 on: November 16, 2012, 11:10:29 PM »

I heard this afternoon that The Teamsters backed down, but the Bakers union wouldn't.

I heard a rumor that it was actually the Wonder Bread branch that was losing money.

I've also heard speculation that this strike stemmed from a previous compromise in 2006...... Meaning, they already are/ still are blaming Dubya, thus lending some credence to Indy's Bamster comment. TongueOut
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« Reply #6 on: November 16, 2012, 11:14:10 PM »

Of course we are...

But think about this . . . the country is legalizing pot, and TWINKIES are out of business?  There is a conspiracy afoot!!!!

I'm glad to hear that. I respect the heck out of you.

On that same note... I don't know why the head of Papa John's is so anti legal pot.  In the old days I knew guys who could clear 3 pizzas a Friday night.
-Ed
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AndyC
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« Reply #7 on: November 16, 2012, 11:54:09 PM »

Surely someone will continue to manufacture the snack cakes and fruit pies. Otherwise, how on earth are superheroes going to stop all the third-rate villains with their plans to slightly inconvenience the public?
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« Reply #8 on: November 17, 2012, 12:20:53 AM »

I've always been a Little Debbie person, myself.
Still, I wouldn't mind seeing Moon Pies & Uncle Al's Stage Planks get some recognition.

Surely someone will continue to manufacture the snack cakes and fruit pies. Otherwise, how on earth are superheroes going to stop all the third-rate villains with their plans to slightly inconvenience the public?
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« Reply #9 on: November 17, 2012, 08:47:56 AM »

ceo was on CNBC yesterday talking about the Bakers Union, etc

http://video.cnbc.com/gallery/?video=3000129674&play=1#eyJ2aWQiOiIzMDAwMTI5ODU2IiwiZW5jVmlkIjoicVJ3NnFHOFNseGtCUnFmTmRtSWhHQT09IiwidlRhYiI6InRyYW5zY3JpcHQiLCJ2UGFnZSI6IiIsImdOYXYiOlsiwqBMYXRlc3QgVmlkZW8iXSwiZ1NlY3QiOiJBTEwiLCJnUGFnZSI6Miwic3ltIjoiIiwic2VhcmNoIjoiIn0=
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« Reply #10 on: November 17, 2012, 09:52:35 AM »

Really Indy,  You have my utmost respect most of the time but this blame Obama thing is getting old. 

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« Reply #11 on: November 17, 2012, 10:49:41 AM »

So THIS explains why Wonder Bread was a dollar a loaf yesterday at Shop Rite. It's the beginning of the Big Sell Off!!

I haven't had a Twinkie in years but it'll be sad to see them pass into history. Anyone else remember years ago when Twinkies, Cup Cakes, etc. used to have baseball cards printed on the bottom of the boxes? My brother and I used to pester the hell out of my Mom to buy Twinkies just so we could get the cards. Haha.

From what I've been able to gather, the Hostess company has had problems with mismanagement for quite some time (this was not their first go round with bankruptcy) so even if they'd been able to settle with the union this time out, they probably would've only held off the inevitable for a little while longer anyway.
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« Reply #12 on: November 17, 2012, 11:08:10 AM »

I believe what truly makes this O'Bama's America, is the number of numbnuts desperate enough to think they can get rich selling the last box of Twinkies on Ebay. Bluesad

Union Greed sinks another company.  Welcome to Obama's America.
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El Misfit
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« Reply #13 on: November 17, 2012, 12:20:26 PM »

Can we not fight, and just mourn Hostess? -_____-


I'll be honest- I never like Twinkies, nor Sno-Balls. They tasted like crap to me.

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« Reply #14 on: November 17, 2012, 12:33:31 PM »

But think about this . . . the country is legalizing pot, and TWINKIES are out of business?  There is a conspiracy afoot!!!!

If they had legalized pot years ago, Twinkies would not be in dire straits. You wouldn't even be able to keep them on the shelves.
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