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Tallahassee weeps
Posted: Sat Nov 17, 2012 1:12 am
by Turdacious
Hostess Brands Inc, the bankrupt maker of Twinkies snack cakes and loaves of Wonder Bread, is seeking a U.S. court's permission to go out of business after failing to get wage and benefit cuts from thousands of its striking bakery workers.
The 82-year-old Hostess, which has about $2.5 billion in sales and is one of the largest wholesale bakers and distributors of breads and snack cakes in the United States, filed the request with the U.S. Bankruptcy Court in New York early Friday morning. A hearing on the matter is set for Monday.
The Irving, Texas-based company said the liquidation would mean that most of its 18,500 employees would lose their jobs. Hostess immediately suspended operations at all of its 33 plants across the United States as it moves to start selling assets.
http://www.reuters.com/article/2012/11/ ... OW20121116
Re: Tallahassee weeps
Posted: Sat Nov 17, 2012 1:20 am
by Fat Cat
Re: Tallahassee weeps
Posted: Sat Nov 17, 2012 1:26 am
by Protobuilder
The union leaders will continue to get paid though, right?
Re: Tallahassee weeps
Posted: Sat Nov 17, 2012 2:57 am
by Holland Oates
http://www.theatlantic.com/business/arc ... bs/265357/
Teamsters approved the pay cuts. It was the bakers union that held out. But there was a lot of mismanagement on the part of the executives as well. Shame a third of the workers sealed the deal but the way it looks it was only delaying the inevitable.
Re: Tallahassee weeps
Posted: Sun Nov 18, 2012 1:33 am
by Pinky
A man who cares about his snack cakes:
Re: Tallahassee weeps
Posted: Sun Nov 18, 2012 2:01 am
by Herv100
Terry B. wrote:The union leaders will continue to get paid though, right?
If not, there should be a law that says they do
Re: Tallahassee weeps
Posted: Sun Nov 18, 2012 2:18 am
by Holland Oates
Herv100 wrote:Terry B. wrote:The union leaders will continue to get paid though, right?
If not, there should be a law that says they do
The leaders don't vote on the contracts. The workers do.
Re: Tallahassee weeps
Posted: Sun Nov 18, 2012 2:42 am
by Herv100
I was being sarcastic lol
Re: Tallahassee weeps
Posted: Sun Nov 18, 2012 2:45 am
by Holland Oates
Herv100 wrote:I was being sarcastic lol
LOL
Sorry I'm drunk.
Re: Tallahassee weeps
Posted: Sun Nov 18, 2012 2:55 am
by Herv100
Haha I'm working on getting there too, watching all this football waiting on the UFC
Re: Tallahassee weeps
Posted: Sun Nov 18, 2012 2:59 am
by Holland Oates
Herv100 wrote:Haha I'm working on getting there too, watching all this football waiting on the UFC
I'm watching Going Postal on Netflix. A BBC movie based off a Terry Pratchett book.
