KANSAS CITY, Mo. — Hostess Brands Inc. said it will seek to liquidate the entire company if “enough” striking workers don't return to work by 4 p.m. Central time Thursday.
The company, maker of such iconic brands as Wonder Bread, Twinkies and Ding Dongs, is responding to a strike that began Friday by the Bakery, Confectionery, Tobacco Workers and Grain Millers Union.
The company is in its second round of bankruptcy reorganization proceedings.
“We simply do not have the financial resources to survive an ongoing national strike,” said Gregory F. Rayburn, the company's chief executive.
Liquidation would cause the loss of nearly 18,000 jobs around the country.
“It is now up to Hostess' BCTGM-represented employees and Frank Hurt, their international president, to decide if they want to call off the strike and save this company, or cause massive financial harm to thousands of employees and their families,” Rayburn said in a news release.
The walkouts began when bakery union employees rejected a unilaterally imposed contract that included wage and benefits cuts of 27 to 32 percent.
Hostess requested a bankruptcy hearing on the motion for Monday.
The Hostess company at one time had its headquarters in Kansas City.
Distributed by MCT Information Services