Judge Approves Hostess' Plan To Liquidate | WAMU 88.5 - American University Radio

NPR : News

Filed Under:

Judge Approves Hostess' Plan To Liquidate

Maybe the end is nigh, after all.

A judge has approved Hostess' plan to liquidate the company, all but assuring that the maker of Twinkies, Ding Dongs, Donettes and Wonder Bread will cease to exist.

The New York Times reports:

"Judge [Robert] Drain's motion spells the almost certain end of Hostess, an 82-year-old bakery that survived the Great Depression, numerous wars and countless low-carb diets. But the company, whose stable of sugary confections also include Ho Hos and Ding Dongs, struggled for more than a decade with the public's increasing fondness for lower-calorie, less-processed snacks.

"During a hearing that stretched for more than four hours, company executives and advisers espoused a simple message: expedited sales of the company's brands will raise the maximum amount of money possible. And letting Hostess begin shutting its doors for good sooner would be kinder to employees."

As we've told you last Friday, the company decided to call it quits saying they "simply do not have the financial resources to survive an ongoing national strike."

But, this week, a bankruptcy judge asked the company and its employees' union to give negotiations one more try. Those failed, so Judge Drain gave the go ahead for liquidation today.

The AP says Hostess is now free to fire its 18,000 workers and "take advantage of outside interest in its brands, which a banker said could fetch up to $2.4 billion."

Copyright 2012 National Public Radio. To see more, visit http://www.npr.org/.

NPR

Do Touch The Artwork At Prado's Exhibit For The Blind

The renowned Spanish museum has made 3-D copies of some of its most iconic works to allow blind people to feel them.
NPR

How Dangerous Is Powdered Alcohol?

Last month, the U.S. Alcohol and Tobacco Tax and Trade Bureau approved a powdered alcohol product, making both parents and lawmakers nervous. Some states have already banned powdered alcohol. NPR's Arun Rath speaks with Brent Roth of Wired, who made his own powdered concoction and put it to the test.
NPR

Canada Cuts Down On Red Tape. Could It Work In The U.S.?

Canada says it's the first country with a law that eliminates one regulation for every new measure that's adopted. The One-for-One Rule is designed to ease the burden on businesses.
NPR

With Live Video Apps Like Periscope, Life Becomes Even Less Private

Video cameras are everywhere — from those in smartphones to security cams. And just when you thought it couldn't get harder to hide, live-streaming video apps are raising new questions about privacy.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.