The company's demise came after years of management turmoil and turnover, with workers saying the company failed to invest in updating its snack cakes and breads. Hostess filed for its second Chapter 11 bankruptcy in less than a decade this January, citing steep costs associated with its unionized workforce.
The company was able to reach a new contract agreement with its largest union, the Teamsters, the bakers union rejected the terms and went on strike Nov. 9. A week later, Hostess announced its plans to liquidate, saying the strike crippled its ability to maintain normal production. Although Hostess sales have been declining over the years, they still clock in at between $2.3 billion and $2.4 billion a year.
When asked how much the brands are expected to fetch from buyers, Scherer said he would rather not say.
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