Hostess To Shutdown
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No more Twinkies? (Creative Commons/Flickr)
The iconic brands, which makes treats such as Twinkies and Wonder Bread, said it is seeking to shut down production after failing to get wage and benefit cuts from thousands of its striking bakery workers, the Los Angeles Times reported.
Hostess CEO said that it was too late to fix the damage from the strike for the bankrupt company, the Chicago Tribune reported.
"It's an extremely difficult decision for the company to have to make to shut down but unfortunately without the full involvement of its employees at the bakery, the company was unable to continue."
About 18,000 workers will be fired as the company seeks to liquidate, the Wall Street Journal reported.
Entrepreneurs and speculators have already turned to eBay to see if they can make a profit from the remaining pasteries. A box of 10 Twinkies was being offered on the online auction site for a starting bid of $500, Newsday reported.
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