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In reply to the discussion: Twinkies Maker Will Close After Strike [View all]Bolo Boffin
(23,796 posts)16. Just barely, and the bakers' union got an outside evaluation of the reorganization plan.
And they saw that the company was still doomed. This was just squeezing more out of labor. The scam didn't work, so now Rayburn and his jerk squad are cracking Hostess open.
Thanks for playing, though, blueclown.
From the bakers' union's original press release about the strike action:
http://bctgm.org/PDFs/NationalStrikeHostessBrands_11_9_12.pdf (pdf)
Striking members know that the Wall Street investors currently in control of the company have no intention of building a world class wholesale bread and cake company. They will simply take the money from the workers severe concessions and the sale of assets, pay themselves and then liquidate the company.
The companys business plan, when reviewed by a highly-respected financial analyst retained by the company, was determined to have little or no chance of succeeding in saving Hostess.
The current CEO, Greg Rayburn, was originally brought on as a consultant because of his expertise in corporate liquidations. He has absolutely no experience running a baking company and the Wall Street investors that own the company have absolutely no interest of rebuilding the baking business.
The companys business plan, when reviewed by a highly-respected financial analyst retained by the company, was determined to have little or no chance of succeeding in saving Hostess.
The current CEO, Greg Rayburn, was originally brought on as a consultant because of his expertise in corporate liquidations. He has absolutely no experience running a baking company and the Wall Street investors that own the company have absolutely no interest of rebuilding the baking business.
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Just barely, and the bakers' union got an outside evaluation of the reorganization plan.
Bolo Boffin
Nov 2012
#16
But if they had agreed to the concessions the owners would get the blame instead of the union.
Kablooie
Nov 2012
#60
They had already taken concesions to save the company before and lost their pensions
Omaha Steve
Nov 2012
#48
And the company broke the contract by not paying into the pension plan ...
SomeGuyInEagan
Nov 2012
#71
A lot of those brands were probably individual, regional, businesses at one time?
hexola
Nov 2012
#30
a point of clarity, we used to call wonder bread a cake because it is made from a batter,
MrYikes
Nov 2012
#46
I wish someone would buy it that's interested in producing products, not simply wealth.
Kablooie
Nov 2012
#59