Twinkies maker files for bankruptcy
Nikhil Kumar is The Independent's New York correspondent. He was formerly assistant editor on the foreign desk and has also done a variety of jobs on the city desk, where he wrote about markets, commodities and other business and economics topics.
Saturday 17 November 2012
Hostess Brands, the bankrupt maker of the cream-filled Twinkies sponge cakes, sought court clearance to go out of business yesterday after failing to convince thousands of striking workers to accept an 8 per cent wage cut and reduced benefits.
The Texas-based company, which filed the liquidation request with a bankruptcy court in New York, said most of its 18,500 employees would lose their jobs.
The news saw some hopeful customers immediately list boxes of Twinkies on the online auction site eBay, with one asking $100 for what they deemed a "soon to be gone" pack of 10 cakes, which retail for about $5.
However, Hostess said that it expects to sell its brands, and as much of the infrastructure as it can. "There is value in the brands," a spokesman said.
In the court filing, Hostess, which immediately suspended operations at its 33 plants in the US yesterday, said it would take a year to wind down its business. The company, which also filed for bankruptcy in 2004, said not enough staff returned to work by a Thursday deadline.
- 1 Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
- 2 Disney heiress Abigail disowns her share of family profits in West Bank company
- 3 The secret report that helps Israel hide facts
- 4 'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
- 5 Israel's propaganda machine is finally starting to misfire
A former custard factory, a Midlands bog and a Leeds cemetery all included in top 50 hidden spots in the UK
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Disney heiress Abigail disowns her share of family profits in West Bank company
'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
Drew Barrymore’s sister Jessica found dead in her car surrounded by 'dozens of white pills'
The secret report that helps Israel hide facts
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
A day in the life of Vladimir Putin: The dictator in his labyrinth
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Boozy, ignorant, intolerant, but very polite – Britain as others see us
- < Previous
- Next >
iJobs Money & Business
£600 - £700 per day + competitive: Orgtel: Senior Investment Accounting Change...
£450 - £650 per day + competitive: Orgtel: My client, a leading bank, is curre...
£350 - £400 per day + competitive: Orgtel: Senior Analyst, ALM Data, Halifax, ...
£500 - £600 per day: Orgtel: Java developer - Banking - London - Up to £600/d...