Twinkies buyer says cakes could return by summer
NEW YORK (AP) — Hostess is moving ahead with plans to sell its Twinkies, and one of the new owners says the spongy cream-filled snacks could be back on shelves by summer.
The bankrupt company had earlier picked a $410 million joint offer from Metropoulos & Co. and Apollo Global Management as the "stalking horse" bid to set the floor for an auction.
In a document filed in U.S. bankruptcy court on Monday, however, Hostess Brands said the auction would not be held because no other qualified bids were submitted for the cakes, which include Ding Dongs and Ho Hos.
In a statement, Metropoulos & Co. CEO and founder Dean Metropoulos said the firm was looking forward to having "America's favorite snacks back on the shelf by this summer."
A spokesman for Hostess said the company had no comment on the lack of competing bids for the snack cakes. Previously, Hostess CEO Greg Rayburn had predicted the process would be "wild and wooly."
A representative for Apollo, whose investments include the fast-food chains Carl's Jr. and Hardee's, declined to comment.