Just Kidding, Hostess Is Really Closing Down
More on the developing Twinkie crisis: It turns out that Hostess and the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union union couldn't reach a compromise during judge-ordered mediation after all (Hostess hasn't made a statement, only said that mediation was "unsuccessful"), so the company is moving forward with the plan to liquidate its assets and sell off the business to the highest bidder, reports our news blog The Snitch. We forsesee many more black market Hostess products in the near future.
- No More Twinkies for You; Hostess Fails to Reach Agreement With Bakery Union
- White House Petition Begs Government to "Nationalize the Twinkie"
- Hostess: Remembering Forgotten Products and How to Cope With The Loss Locally
A federal judge ordered Hostess Brands to enter into mediation with its union on Monday following the company's request for permission to start liquidating. Hostess has already begun laying off its 18,000-person workforce, which includes about 70 employees in Oakland. Meanwhile, there's a petition on the White House's We the People website asking President Obama to "nationalize the Twinkie" and save it from extinction.
We're pretty sure that someone will step up and purchase Hostess and all the brands associated with it (though not confident that some of the lesser Hostess products would survive). The brand recognition and nostalgia around it seems too valuable to let disappear, and a few companies have already shown interest according to ABC News, including private equity firm Sun Capital Partners Inc.
But even if the brands are bought, there's no guarantee that they'll keep the cherished Hostess recipes alive. Go out and gather your Twinkies while you still can.