Hostess threatens to liquidate if bakers' strike continues - New York News

Hostess threatens to liquidate if bakers' strike continues

Posted: Updated:
IRVING, Texas -

Irving-based Hostess Brands, Inc. said it would liquidate its business if striking bakery employees don't return to work by 4 p.m. on Thursday.

The company, which makes Twinkies and other treats, is in the middle of bankruptcy reorganization.

But problems with several unions -- including the Bakery, Confectionery, and Tobacco workers and the Grain Millers International Union -- have prevented the company from moving forward.

The company already reached a satisfactory agreement with the International Brotherhood of Teamsters.

Union members make up about one-third of Hostess' 18,000 workers. Many are angry about the company's planned pay cuts.

On Wednesday, the company announced that if enough striking employees don't return to work, it will ask a U.S. Bankruptcy judge for permission to start selling off assets and liquidate the company.

"Don't put other people out of work. Don't make other people go home and explain to their families why they have no job and no employment and add that to the 23 million other unemployed people in this country," CEO Gregory Rayburn said to his employees.

The union released a statement Thursday afternoon that said its members would be happy to go back to work after the company restores wages and benefits.

So it seems unless there were some back room deal happening the liquidation may be going forward.

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