twinkie maker hostess to liquidate
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today
Almaghrib Today, almaghrib today
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today

Twinkie maker Hostess to liquidate

Almaghrib Today, almaghrib today

Almaghrib Today, almaghrib today Twinkie maker Hostess to liquidate

Washington - AFP

The future of the Twinkie, Wonder Bread and other iconic US food brands was in question with Friday's announcement that owner Hostess Brands Inc. intends to liquidate its assets. Hostess, which has faced acrimonious labor relations in recent years as well as the slower US economy, said Friday it filed a motion in US Bankruptcy Court seeking permission to close its business and sell its assets, including iconic brands that have fed US households for decades. The 82-year-old Irving, Texas-based company, one of the country's largest bakers, could lay off most of the 18,500 people who staff its 33 bakeries, 553 distribution centers and 527 bakery outlets nationwide. Analysts said it was too soon to say who in the industry could emerge as possible buyers of Hostess's well-known brands, including the iconic cream-filled Twinkies, Sno Balls, Ding Dongs, Ho Ho's, Hostess CupCakes, Wonder Bread and Nature's Pride. The move came after a strike that crippled operations, already under bankruptcy court oversight following a January Chapter 11 filing. Besides the labor woes, analysts said the weak US economy played a role in the company's travails, leaving consumers with lower disposable incomes. Also working against Hostess and other food companies: higher commodity costs on everything from cocoa to grain. "There's been a significant amount of headwinds that have made the operating landscape more challenging over the last few years," said Erin Lash, an analyst at Morningstar. Lash said it was too soon to say if the brands would find a buyer. She said the snacks segment of the food business, into which many of the Hostess products fall, has been growing in recent years. But she noted that many potential buyers, such as Kellogg, have been acquisitive of late and are now absorbing recent purchases. "It's fiercely competitive, but they have iconic brands," said John Staszak, an analyst at Argus Research. Staszak said today's operating environment means food companies must spar for precious supermarket shelf space. Hostess put the blame for its demise squarely on union leaders who ignored a threat by Hostess that a national strike would lead the company to shut down. On Thursday Hostess decided to pull the plug on the business after determining that too few employees had returned to work. Chief executive Greg Rayburn said the company planned to lay off most of its 18,500 workers and sell its assets "to the highest bidders." "We deeply regret the necessity of today's decision, but we do not have financial resources to weather an extended nationwide strike," said chief executive Gregory Rayburn. The Bakery, Confectionery, Tobacco Workers and Grain Millers International Union blasted company leaders for mismanagement and called proposed wage and benefit cuts punitive. Union President Frank Hurt said in a statement that management lacked experience in the baking business and were motivated by trying to win a quick buck rather than manage the company. "For the past eight years management of the company has been in the hands of Wall Street investors, 'restructuring experts', third-tier managers from other non-baking food companies and currently a 'liquidation specialist'," Hurt said. A Hostess spokeswoman said the company's plan would be heard Monday at a bankruptcy court in White Plains, New York.

almaghribtoday
almaghribtoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

twinkie maker hostess to liquidate twinkie maker hostess to liquidate

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

twinkie maker hostess to liquidate twinkie maker hostess to liquidate

 



Almaghrib Today, almaghrib today Skincare PR Performance Full Year 2017

GMT 09:22 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Almaghrib Today, almaghrib today New hunt for flight MH370 gets under way

GMT 11:03 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Almaghrib Today, almaghrib today Modern colorful bedroom renovation

GMT 10:57 2017 Thursday ,21 December

Modern colorful bedroom renovation
Almaghrib Today, almaghrib today Puigdemont candidate for Catalan president

GMT 13:56 2018 Tuesday ,23 January

Puigdemont candidate for Catalan president
Almaghrib Today, almaghrib today Turkey detains dozens more

GMT 10:47 2018 Wednesday ,24 January

Turkey detains dozens more

GMT 17:13 2012 Sunday ,01 April

Cook tops jobs as highest-rated Apple CEO

GMT 16:13 2016 Thursday ,29 December

Suspects held after Pakistan alcohol poisoning kills 34

GMT 16:12 2017 Monday ,17 April

Actor Maged Al Masry bets on “The Flood”

GMT 00:16 2012 Sunday ,26 February

7, 9 and 10 to fight for State of Origin rugby rights

GMT 10:44 2011 Friday ,16 September

Aftelier Haute Claire

GMT 13:02 2012 Saturday ,01 September

Zombies and Morons compete

GMT 13:27 2012 Monday ,26 November

Al-Khodari company signs SR 734 mln agreement

GMT 16:17 2017 Sunday ,24 December

Iraq invites bids for new oil pipeline
Almaghrib Today, almaghrib today
 
 Almaghrib Today Facebook,almaghrib today facebook  Almaghrib Today Twitter,almaghrib today twitter Almaghrib Today Rss,almaghrib today rss  Almaghrib Today Youtube,almaghrib today youtube  Almaghrib Today Youtube,almaghrib today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

.almaghribtoday .almaghribtoday .almaghribtoday .almaghribtoday
almaghribtoday almaghribtoday almaghribtoday
almaghribtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
almaghribtoday, Almaghribtoday, Almaghribtoday