Life Say Goodbye to Twinkies and Wonderbread - Page 17

Spott · 12-01-2012, 05:33 AM

Quote:

Originally Posted by BossChief

So, they are taking money that is owed to the workers and giving it to the executives before the ship sinks all the way to the bottom?

WOW. Straight up corporate theft right there.

Only the middle class people working in a union are greedy. Executives making 20-50 times what the regular hourly employee of the company are somehow not considered greedy.

**Buehler445** · 12-01-2012, 08:00 AM

That's brutal.

Trevo_410 · 12-01-2012, 06:27 PM

just fyi, walmart bought out a lot of the hostess stuff still left at the hostess factory's. I don't know about other walmarts, but the one by me has 8 pallets full of zingers($2).

I know they aint twinkies, but may make for a good investment...?

who knows there still maybe twinkies at some of the other walmarts...

Brock · 12-10-2012, 08:53 PM

Of course they did. Now the government is going to have to rescue that pension like they did those companies Romney's outfit ran into the ground.

Mr. Laz · 01-11-2013, 08:08 PM

HOSTESS TO SELL WONDER BREAD TO MAKER OF TASTYKAKE
By CANDICE CHOI
— Jan. 11 8:56 PM EST

NEW YORK (AP) — Hostess has found a new home for its most popular breads, including the iconic Wonder bread.

The bankrupt maker of Twinkies, Devil Dogs and other snack cakes said late Friday that it selected bids by rival bakery Flower Foods Inc. to buy six of its bread brands for $390 million. Flower Foods, based in Thomasville, Ga., is best known for Tastykakes but also makes breads including Nature's Own and Cobblestone Mill.

Hostess is expected to announce buyers for its famed dessert cakes in coming weeks. The company has said a wide variety of parties have expressed interest in its brands, including national supermarket chains and the makers of brand name packaged foods.

Flower Foods was selected as the "stalking horse" bidder for the bread brands. That means higher competing bids can still be made and the final deal must be approved in bankruptcy court. The company made two separate bids for the Hostess breads; a $360 million bid for Wonder, Nature's Pride, Butternut, Home Pride and Merita, along with 20 bakeries and 38 depots. Another $30 million bid was made for Beefsteak.

Taken together, Hostess said those breads generated just under $1 billion in sales last year, with Wonder bread accounting for about half of that. Flower Foods, which generates about $3 billion in annual sales, said it expects the deals to be accretive to its earning this year. The company plans to finance the deal through a mix of cash and debt.

Hostess Brands Inc., based in Irving, Texas, announced in November that it was shutting down its business and selling its breads and snack cakes.

The company's demise came after years of management turmoil and turnover, with workers saying the company failed to invest its brands. Hostess filed for its second Chapter 11 bankruptcy in less than a decade this January, citing costs associated with its unionized workforce. It had about 18,500 employees when it announced that it was shutting down after it was unable to reach a deal on a new contract with striking workers.

Hostess CEO Gregory Rayburn, who was hired last year to help orchestrate a turnaround, said in a statement that negotiations were continuing with parties for its snack cakes and remaining bread bands. The company has stressed in bankruptcy court that it would need to move quickly in the sales to capitalize on the outpouring of nostalgia prompted by its shuttering.

Xanathol · 01-12-2013, 12:42 AM

Damnit save the ding dongs already!

12-01-2012, 08:00 AM	#2
Buehler445 Supporter Join Date: Apr 2007 Location: Scott City KS Casino cash: $2164734	That's brutal.
Posts: 56,864

12-01-2012, 06:27 PM	#3
Trevo_410 Veteran Join Date: Jan 2011 Location: Independence, Missouri Casino cash: $4945380	just fyi, walmart bought out a lot of the hostess stuff still left at the hostess factory's. I don't know about other walmarts, but the one by me has 8 pallets full of zingers($2). I know they aint twinkies, but may make for a good investment...? who knows there still maybe twinkies at some of the other walmarts... __________________
Posts: 1,510

12-10-2012, 08:53 PM	#4
Brock Say hello to my little friend Join Date: Aug 2000 Location: Larryville Casino cash: $9598422	Of course they did. Now the government is going to have to rescue that pension like they did those companies Romney's outfit ran into the ground.
Posts: 47,314

01-11-2013, 08:08 PM	#5
Mr. Laz Don't Tease Me Join Date: Dec 2000 Location: KS Casino cash: $11047037	HOSTESS TO SELL WONDER BREAD TO MAKER OF TASTYKAKE By CANDICE CHOI — Jan. 11 8:56 PM EST NEW YORK (AP) — Hostess has found a new home for its most popular breads, including the iconic Wonder bread. The bankrupt maker of Twinkies, Devil Dogs and other snack cakes said late Friday that it selected bids by rival bakery Flower Foods Inc. to buy six of its bread brands for $390 million. Flower Foods, based in Thomasville, Ga., is best known for Tastykakes but also makes breads including Nature's Own and Cobblestone Mill. Hostess is expected to announce buyers for its famed dessert cakes in coming weeks. The company has said a wide variety of parties have expressed interest in its brands, including national supermarket chains and the makers of brand name packaged foods. Flower Foods was selected as the "stalking horse" bidder for the bread brands. That means higher competing bids can still be made and the final deal must be approved in bankruptcy court. The company made two separate bids for the Hostess breads; a $360 million bid for Wonder, Nature's Pride, Butternut, Home Pride and Merita, along with 20 bakeries and 38 depots. Another $30 million bid was made for Beefsteak. Taken together, Hostess said those breads generated just under $1 billion in sales last year, with Wonder bread accounting for about half of that. Flower Foods, which generates about $3 billion in annual sales, said it expects the deals to be accretive to its earning this year. The company plans to finance the deal through a mix of cash and debt. Hostess Brands Inc., based in Irving, Texas, announced in November that it was shutting down its business and selling its breads and snack cakes. The company's demise came after years of management turmoil and turnover, with workers saying the company failed to invest its brands. Hostess filed for its second Chapter 11 bankruptcy in less than a decade this January, citing costs associated with its unionized workforce. It had about 18,500 employees when it announced that it was shutting down after it was unable to reach a deal on a new contract with striking workers. Hostess CEO Gregory Rayburn, who was hired last year to help orchestrate a turnaround, said in a statement that negotiations were continuing with parties for its snack cakes and remaining bread bands. The company has stressed in bankruptcy court that it would need to move quickly in the sales to capitalize on the outpouring of nostalgia prompted by its shuttering. __________________
Posts: 95,626

01-12-2013, 12:42 AM	#6
Xanathol Starter Join Date: Mar 2011 Casino cash: $9528791	Damnit save the ding dongs already!
Posts: 689