LakeCumberlandBoaters.com

I hope the ones resposible for this mess can live w/o their 'Twinkies'!

Hostess Brands Inc, the maker of Twinkies and Wonder Bread, said it will ask a bankruptcy judge for permission to liquidate after failing to obtain wage and benefit cuts from thousands of its bakery workers.

The company said a strike by members of the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union that started last week was too much to overcome.

Read more: http://www.foxbusiness.com/industries/2 ... z2CONjfTbs

Many things will change in the next few years if we make it that long!

18,500 people out of a job

What a crock of BS!

snip:
Union President Frank Hurt said on Thursday that the crisis at the company was the "result of nearly a decade of financial and operational mismanagement" and that management was trying to make union workers the scapegoats for a plan by Wall Street investors to sell Hostess.

So NOW 18,500 are w/o a job! dumb asses!

ref:
http://money.msn.com/top-stocks/post.as ... 59d177e676

Nervous Wreck wrote:What a crock of BS!

What a crock indeed!

Run the company in to bankruptcy, get concessions from all the workers with the understanding that the savings would go to improving the infrastructure of the company.
And how do you improve the infrastructure? Why give raises of up to 300% to the management team!

Salary Increases at Hostess

Some creditors question Hostess pay raises approved in late July.

Brian Driscoll, CEO, around $750,000 to $2,550,000
Gary Wandschneider, EVP, $500,000 to $900,000
John Stewart, EVP, $400,000 to $700,000
David Loeser, EVP, $375,000 to $656,256
Kent Magill, EVP, $375,000 to $656,256
Richard Seban, EVP, $375,000 to $656,256
John Akeson, SVP, $300,000 to $480,000
Steven Birgfeld, SVP, $240,000 to $360,000
Martha Ross, SVP, $240,000 to $360,000
Rob Kissick, SVP, $182,000 to $273,008

Lot's more interesting reading at the link.
And then, turn around and file bankruptcy again once the new management wages are set and can't be touched in the new bankruptcy.

Then, once again, go to the employees and say they need to make more concessions. Surely the suckers will go for it again, right?


This was the plan. Concessions or not, there was no future for them. The current workers wages aren't the problem, it's the hundreds of millions in pension obligations they had hanging over them. There was no way forward that would make them profitable. Cast the blame on the union while there was nothing left of the company other than brand name recognition to be sold off to the highest bidder. Twinkies will be back in the stores in two months, imported from China I'm sure.

To be fair, the bakers union is headed the way of the buggy maker and switchboard operators union, it's just no longer a viable thing. It's time has passed. So long to another American icon.

Well, I don't agree with 'big' salary increases for management either.
Especially in 'hard times'.

But any way you want to look at it, ( another) 18.500 are w/o jobs now. JMO