Thanks to a union’s decision to strike, Hostess is filing for final chapter bankruptcy:
NEW YORK (CNNMoney) — Hostess Brands, the maker of such iconic baked goods as Twinkies, Devil Dogs and Wonder Bread, announced Friday that it is asking a federal bankruptcy court for permission to close its operations, blaming a strike by bakers protesting a new contract imposed on them.
The closing will result in Hostess’ nearly 18,500 workers losing their jobs as the company shuts 33 bakeries and 565 distribution centers nationwide. The bakers’ union represents around 5,000.
Hostess will move to sell its assets to the highest bidder. That could mean new life for some of its most popular products, which could be scooped up at auction and attached to products from other companies.
“We deeply regret the necessity of today’s decision, but we do not have the financial resources to weather an extended nationwide strike,” said CEO Gregory Rayburn in a statement.
These idiots couldn’t see the forest from the trees. The union insisted that they weren’t taking any cuts. As a direct result of their decision, Hostess Brands will soon be part of history. Thanks to the unions’ stupidity and greed, 18,500 people will hit a soft jobs market at the worst time.
It’s guaranteed that the unionistas will whine about getting a raw deal. They’ll say that they’re just fighting for a livable wage. Instead of agreeing to a deal like the Teamsters, they chose to bankrupt the company and put 18,500 people on unemployment.
If these people want to know what stupidity looks like, they should buy a mirror.