Ben Russell, NBC 5 News
Irving-based Hostess Brands Inc., maker of Twinkies, Ding-Dongs, and even Wonderbread, announced Wednesday that the company will file a motion with the U.S. Bankruptcy Court on Friday to liquidate if striking employees don't return to work.
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Twinkie Maker Threatens Liquidation
Irving-based Hostess Brands says it will file to begin liquidation if workers don't end a nationwide strike.
Irving-based Hostess Brands Inc., maker of Twinkies, Ding-Dongs, and even Wonderbread, announced Wednesday that the company will file a motion with the U.S. Bankruptcy Court on Friday to liquidate if striking employees don't return to work.
A strike called by the Bakery, Confectionery, Tobacco Workers and Grain Millers Union (BCTGM) started on Nov. 9. Hostess says if enough workers don't return by 5 p.m. EST on Thursday, the company could be closed as early as Nov. 20.
"We simply do not have the financial resources to survive an ongoing national strike," Gregory F. Rayburn, the Company's Chairman and CEO, said in a press release. "Therefore, if sufficient employees do not return to work by 5 p.m., EST, on Thursday to restore normal operations, we will be forced to immediately move to liquidate the entire Company, which will result in the loss of nearly 18,000 jobs. It is now up to Hostess' BCTGM represented employees and Frank Hurt, their international president, to decide if they want to call off the strike and save this Company, or cause massive financial harm to thousands of employees and their families."
The company says they've already obtained the support of the largest union, the International Brotherhood of Teamsters, as well as lenders.
If the strike doesn't resolve, the company says a decision could be made by Monday by the bankruptcy judge on whether the company could sell off facilities and other assets.
The company says they employ 17,780 people in the U.S.
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