Hostess Brands- It’s Over

Hostess Brands- It’s Over

The New York Times Dealbook blog reports that the emergency mediation talks between Hostess Brands and its Bakery Workers Union have failed. Liquidation now appears inevitable.

Bankruptcy judge Robert Drain arranged the negotiations in a last ditch effort to save the troubled company, but to no avail:

“It’s over,” said David Durkee, secretary-treasurer of the Bakery, Confectionery, Tobacco Workers and Grain Millers Union.

Unlike the Teamsters, the union would not accept a concessionary contract and continues to blame management for the company’s problems.

In all likelihood, the court will now oversee the breakup of the company and the sale of individual pieces to interested competitors. There is considerable value in the Hostess collection of brands, but it is highly unlikely that steep job losses in the company’s 18,500 strong workforce can be avoided.

A sad Thanksgiving, indeed.

 

Photo credit: Larry D Moore via Wikipedia

 

 

Get Free Email Updates!

Signup Now to Receive Updates and Alerts!

We will never give away, trade or sell your email address. You can unsubscribe at any time.

@streetwise_IT

Retired from American Airlines after a 34 year career in corporate treasury management. Professional income tax preparer. Graduate of Georgetown University (BS Foreign Service) and The University of Texas at Arlington (MBA). Contributor to TMR since 2007. Host of "Italian Tomatoes" show on Blog Talk Radio. I am a center-right Republican with a passion for business, history and current affairs. Go to Blog Talk Radio to listen to my latest show Why Jeb Bush Is Not The One

More in

HillaryClintonSenate

QLADAFI- The Clintons And The FIFA Caper

Streetwise_ITMay 28, 2015
15-0528 War on Women

The Democrats War on Women – Hillary Version

Michael BeckerMay 28, 2015
15-0528 Black Arrests

Blacks in Minneapolis are Nine Times More Likely to Commit Crime

Michael BeckerMay 28, 2015
15-0528 Egypt Burning

The Muslim World Commenting on Obama’s Global Warming Speech

Michael BeckerMay 28, 2015
15-0528 Carly

Carly Fiorina Puts a Beat Down on Hillary

Michael BeckerMay 28, 2015
100924_doj_bias_reut_605

Cause of Action Sues the Justice Department For Information On Tax Detail Program

Steve FoleyMay 28, 2015

The Minority Report is a network of websites devoted to Conservative & Libertarian politics in the United States. In 2014 the network had over 20 million page views!

On this site you'll find posts & links to some of the best and most comprehensive center-right news and opinion on the net...

November 2012
M T W T F S S
« Oct   Dec »
 1234
567891011
12131415161718
19202122232425
2627282930  

Archives

Copyright © 2014 The Minority Report Network