Hostess to Liquidate, Sell Brands
Today, the maker of Twinkies, Ding Dongs, Wonder Bread and more announced that it's liquidating the whole damn company.
Hostess filed for Chapter 11 bankruptcy at the beginning of this year. The company claims that a strike by its union employees forced the closure of select factories, including the one in St. Louis, and now the company.
"We deeply regret the necessity of today's decision, but we do not have the financial resources to weather an extended nationwide strike, Gregory F. Rayburn, chief executive officer, said in a statement posted on the company's website.
"Hostess Brands will move promptly to lay off most of its 18,500-member workforce and focus on selling its assets to the highest bidders."
Before you rush to the store to stock up on your favorite Hostess treat, do note that the company plans to sell many of its brands, so Twinkies very well might live on.
And for those of you who have stockpiled a pantry full of the supposedly apocalypse-proof snack in anticipation of this very day, well, let's turn the proceedings over to urban-myth dispellers Snopes. Just how long of a shelf life do Twinkies have, Snopes folks?
Twinkies have a shelf life of twenty-five days, not seven years, and certainly not fifty years.