Hostess filed bankruptcy in 2004 and again in 2012 - looks like they have their eye on keeping the worker pension plan promise and management will reap the benefits by keeping the pension fund, unfunded....And who do you think keeps that money....A few of the higher up executives who get filthy rich and ALWAYS put the blame publicly on the working peoples unions.....just look at Hostess' liquidation plan....Hostess management gets all the money and Hostess workers get nothing including no pension plan as promised - many are long time workers at Hostess.
Never admitting the same old story, they got greedy & fucked up and the fact their corporation is badly run.
November 19, 2012 2:00 am EST - Iconic baked treats maker Hostess Brands, Inc. (PrivCo Private Company Ticker: TWINKIEP), owner of popular brands such as Twinkies, Ding Dongs and Wonder Bread, requested U.S. Bankruptcy Court authorization last Friday for liquidation. The closure of the iconic, 82-year old business comes on the heels of an ongoing national strike by the Bakery, Confectionery, Tobacco Workers and Grain Millers Union (Hostess Brands' second largest union) which started on November 9. Behind the curtains of the workers' relations issues which eventually led to Hostess Brands' downfall are the company's financial woes, with revenue plunging from $3.06 billion in 2006 to just $2.45 billion in 2011, a 20% drop. In addition, Hostess Brands had total liabilities of over $1.43 billion versus cash balance of just $40.4 million, with approximately $2 billion in unfunded pension liabilities. These figures are a recipe for disaster and are what eventually led to Hostess Brands' demise.