Wall Street Journal (November 17)
2012/ 11/ 19 by jd in Global News
Hostess, the maker of iconic American junk food like Twinkies, filed for bankruptcy. “On Friday it shut down its 33 bakeries and 565 distribution centers and prepared to fire nearly 18,500 employees en masse and auction off its brand and recipe portfolio.” The bakers and other unions succeeded in killing “an American classic, and 18,500 of their own jobs” because they refused to make concessions which might have turned the enterprise profitable. Hostess lost $341 million on sales of $2.5 billion in 2011.
Tags: Bankruptcy, Concessions, Hostess, Twinkies, Unions
