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Maker of Twinkies and Hostess asks to Liquidate

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This topic contains 70 replies, has 0 voices, and was last updated by Anne Evans Anne Evans 8 months, 1 week ago.

Viewing 15 posts - 46 through 60 (of 71 total)
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  • #520332
    SusanB
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    http://www.politicususa.com/romney-vulture-capitalist-style-management-killed-hostess-unions.html

    Hostess is in bankruptcy for the second time since 2009 and a major factor in their inability to succeed is that over the past eight years, they were owned by Wall Street investors that were restructuring experts, managers from other non-baking food companies, and now a liquidation specialist. There was no plan for Hostess to succeed and it appears that was the objective all along.

    Hostess’s failure was compounded by having six CEO’s in 8 years who had no experience in the bread or cake baking industry, and despite their financial woes, the company’s CEO got a 300% salary increase from $750,000 to $2,250,000, and other top executives received raises worth hundreds-of-thousands of dollars; all while the company was struggling. Instead of acknowledging the lack of competent leadership and exorbitant executive salaries as contributing to the company’s decision to close its doors, CEO Gregory Rayburn issued a statement saying, “We deeply regret the necessity of today’s decision, but we do not have the financial resources to weather an extended nationwide strike.” However, Rayburn and Hostess management claimed the strike would be responsible for closing plants even before there was a strike, and they had made plans to close plants whether or not workers accepted the Draconian wage and benefit cuts the company offered, or if they went on strike.

    #520333
    rus
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    geoyui said:
    I understand that losing thousands of jobs is not the better option and the bakers should be blamed as well, but initially my comment was more about how some of my friends were lumping all unions together, not knowing that in 2009 the same unions helped save the company.

    No doubt there’s blame enough to go around, but it’s easy to see the bakers unions as the straw that broke the camels back. Big damn straw; just ask the Teamsters.

    Management was replaced. Seems like at least one union should have been replaced as well.

    ETA: Haven’t even touched changing consumer tastes. When was the last time anyone on this thread really ate a twinkie?

    #520334
    Walker Evans
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    rus said:
    ETA: Haven’t even touched changing consumer tastes. When was the last time anyone on this thread really ate a twinkie?

    Twinkies? No.

    Nature’s Pride Bread? Sometimes.

    http://www.hostessbrands.com/brands/NaturesPride.aspx

    #520335
    SusanB
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    Hostess workers previously made numerous concessions to keep the company afloat, but they were not enough for the company’s management so they stopped making contractually-obligated contributions to employee’s pensions to save money. The employees stayed on the job until management offered a new contract cutting wages and benefits an extra 27 – 32 percent that prompted employees to strike and thus become scapegoats for Hostess’s demise. [b]What Hostess failed to tell the public is that plans were in the works to close plants months before offering to slash workers’ wages.[/b] According to the company’s 1113 bankruptcy court filing earlier this year, they planned to close at least nine bakeries as part of its reorganization plan in addition to the three bakeries that were to be closed as a result of the company’s planned sale of its Merita division.

    #520336
    rus
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    Walker said:
    Nature’s Pride Bread? Sometimes.

    You eat BREAD?! With all those CARBS and GLUTEN?! How can you live with all that inflammation?!

    *adjusts hipster specs*

    Seriously though: food fads don’t seem to have been kind to Hostess’s product line.

    #520337
    Walker Evans
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    rus said:
    You eat BREAD?! With all those CARBS and GLUTEN?! How can you live with all that inflammation?!

    Well, you can’t just eat a sandwich with extra meat in place of the bread.

    Well… maybe you can. But not most people. ;)

    rus said:
    Seriously though: food fads don’t seem to have been kind to Hostess’s product line.

    All the more reason to engineer a gluten-free twinkie in the Hostess laboratories!

    #520338
    rus
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    Walker said:
    Well, you can’t just eat a sandwich with extra meat in place of the bread.

    Well… maybe you can. But not most people. ;)

    http://dudefoods.com/bacon-weave-grilled-cheese-sandwich/

    BOOM, BABY!

    #520339
    News
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    Hope for Twinkies as Hostess, union go to mediation
    By CONSTANTINE VON HOFFMAN / MONEYWATCH/ November 20, 2012, 10:32 AM

    (Moneywatch) There may still be hope for consumers shut out of last week’s great Twinkie binge: Hostess Brands and the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union have agreed to mediation following some prodding by a Federal judge.

    READ MORE: http://www.cbsnews.com/8301-505123_162-57552335/hope-for-twinkies-as-hostess-union-go-to-mediation/

    #520340
    Bear
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    #520341
    rus
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    Bear said:

    #520342
    Graybeak
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    rus said:

    http://dudefoods.com/bacon-weave-grilled-cheese-sandwich/

    BOOM, BABY!

    Well, and isn’t that basically what the KFC Double Down is/was? A bacon sandwich with two chicken breasts as the bread?

    #520343
    rus
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    Graybeak said:
    Well, and isn’t that basically what the KFC Double Down is/was? A bacon sandwich with two chicken breasts as the bread?

    Note the breading. Totally throws it off.

    #520344
    Graybeak
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    Double Damn!

    #520345
    gramarye
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    catnfiddle said:
    I keep hoping this will be the opportunity for Tastykake to expand westward. They aren’t as good as I remember if I buy them by the case when in town, but something magical happens when they sit in a vending machine for a few days.

    Hah! Tastykake actually got in a little financial trouble of its own, but found a buyer that bought the company as a going concern in 2011. Incidentally, that same buyer, Flowers Foods, is now one of the potential bidders for Hostess’ assets in liquidation, too:

    http://articles.chicagotribune.com/2012-11-19/business/chi-buyers-including-tastykakes-parent-get-in-position-for-hostess-20121119_1_hostess-brands-credit-facility-flowers-spokesman

    #520346
    Walker Evans
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    Cookie said:
    If you’d like to know all that there is to know about the ingredients in a Twinkie, this is the book for you.

    In photo format!

    http://eschlimanphoto.com/twinkie/

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