Hostess has filed for bankruptcy for the second time in three years. Avoid working for these unpredictable companies by starting your own. There are many programs designed to help your company become as successful as you want it.
Hostess Brands, Inc., maker of Twinkies and Wonder Bread, has filed for bankruptcy for the second time. It was caused by the executives and the workers not reaching an agreement on pension and health benefits.
As a Reuters report describes, “Hostess’ declining financial performance, crippling legacy costs associated with its pension plans and massive debt levels led the company to Chapter 11 bankruptcy, court papers showed on Wednesday.” The company is currently about $860 million in debt. They expect to have no interruptions with delivery and manufacturing during this time.
The private company has tried multiple times to sell to leading food companies such as Kraft and Smuckers but was unsuccessful. As the Reuters report explains, “Hostess, founded in 1930, operates around 36 bakeries and employs about 19,000 people, a majority of whom are members of 12 unions.” Hostess is hoping to determine the agreements between their employees very soon. They want to emerge as a competitive company who treats their employees well.
Reuters also reports that “Hostess, formerly known as Interstate Bakeries Corp, had first filed for bankruptcy protection in 2004 in Missouri and emerged from it in February 2009 with private equity firm Ripplewood Holdings and other lenders taking control.” The company is hoping to come out of the bankruptcy refreshed and ready to create more business for themselves.
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