WATCH NEXT WEEK'S JOBLESS CLAIMS FIGURES – AT 9:10 A.M. ET: The economic news since the election has been particularly grim. Some of it calls into question the integrity of the figures given to us right before the election. This story does nothing to help the national morale:
Say goodbye to your Twinkies.
North Texas-based Hostess Brands, Inc. has decided to go out of business and liquidate its assets after failing to win back striking workers.
The company posted a statement on a website set up specifically for people following the strike.
"We deeply regret the necessity of today's decision, but we do not have the financial resources to weather an extended nationwide strike," said Gregory F. Rayburn, chief executive officer. "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."
About one-third of the company's workers are union members who are unhappy about the company's cutbacks during its 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.
Hostess said it will seek bankruptcy court permission to sell all of its assets. The company said bakery production has already shut down.
Some of the brands' products include Twinkies, Ding Dongs, Ho-Hos, Fruit Pies and Wonder Bread.
COMMENT: I have no doubt that the nanny staters will celebrate. They have finally defeated Twinkies. Our great national nightmare is over.
But for 18,000 workers, the future looks bleak.
November 16, 2012