Failing to persuade striking employees to return to work, Hostess Brands disclosed plans on Friday to liquidate its assets and lay off most of its 18,500 workers, bringing the 82-year-old maker of Wonder Bread and Twinkies to the end of its line.
The painful decision to wind down the Irving, Texas.-based private company follows a nationwide strike that Hostess said severely constrained its operations.
Hostess said delivery of its products, which include Ding Dongs and CupCakes, will continue and its retail stores will keep their lights on for several days to sell already-baked products.
“We deeply regret the necessity of today’s decision, but we do not have the financial resources to weather an extended nationwide strike,” Hostess CEO Gregory Rayburn said in a statement…
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