Stock up on Twinkies, Wonder Bread and Drakes Cakes while you can, because Hostess is making good on the threat to liquidate after striking union workers refused to yield. So, instead of accepting pay cuts, 18,500 workers will be laid off and the company’s assets will be sold:
“We deeply regret the necessity of today’s decision, but we do not have the financial resources to weather an extended nationwide strike,” Chief Executive Gregory Rayburn said in a statement. “Hostess Brands will move promptly to lay off most of its 18,500-member workforce and focus on selling its assets to the highest bidders.”
Apparently, Hostess will continue to ship products until all of the inventory is exhausted. Hopefully, their iconic stable of products will be reborn under a different brand, but in the interim you had best get to the grocery store and grab as many snacks as you can carry.