Hostess to liquidate, lay off 18,000+ workers
CNN — Twinkies are supposed to last forever but the company that makes them may not. Hostess brands has asked a court for permission to close its business and sell off its iconic brands.
Bakery operations are suspended although the company's retail stores will remain open for a few days to sell current products.
Hostess says it will move immediately to lay off most of its 18,000+ person workforce.
This comes after a week-long strike by the bakers union, which was protesting pay and pension cuts.
Hostess Brands, the bankrupt maker of cream-filled pastries like Twinkies and Ho Hos filed again for Chapter 11 in January, just three years after emerging from the previous restructuring. The company originally hoped to reorganize its finances, mainly by cutting labor costs.