And no, I'm not referring to Assup, BigTurd and WPF. I'm referring to those delightful snacks oozing with creme filled, nutrition free sweetness. Those wonderful treats that last forever we have come to know and love. Yes, a bankruptcy court has ordered the union involved to take some pay cuts, and they went on strike. Unless the workers go back tomorrow, there is a good chance that Hostess will cease to exist.
Oh, the humanity!
From the article:
Hostess Brands CEO warned the company will liquidate unless striking workers returned to the job by the end of the day on Thursday. Now, that four o'clock Central Time deadline has come and gone.
"We simply do not have the financial resources to survive an ongoing national strike," Gregory Rayburn said in a statement on Wednesday.
Hostess has not made any official announcement beyond the CEO's statement. Any update on liquidation would come on Friday.
Eyewitness News has learned insurance, health and welfare benefits for striking workers have been cancelled.
Workers are protesting a contract imposed by a bankruptcy court. The contract calls for an 8 percent pay cut in addition to health care and pension changes. The bakers union has called the contract "outrageous."
A liquidation would result in some 18,000 workers losing their jobs and an uncertain future for American icons Twinkies, Ding Dongs and Wonder Bread.
Over the weekend, workers in the Bakery, Confectionary, Tobacco Workers and Grain Millers International Union, or BCTGM, went on strike at Hostess-owned plants in several states. The strike includes workers at the Dolly Madison plant in Emporia, Kansas.
More on this tragedy here:
http://www.kwch.com/business/kwch-ho...,2860295.story