Twinkies maker Hostess plans to go out of business

Nov 16, 2012 | Posted by: roboblogger | Full story: Reuters

As President Barack Obama and congressional leaders prepared for budget and tax talks on Friday aimed at preventing the economy from falling back into recession, a top Republican vowed to overhaul the U.S. tax code next year.

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Makes sense

Dearborn, MI

#1 Nov 16, 2012
Who cares? They are the reason why we NEED healthcare. Maybe a new honest patriotic company will make cakes with real cream, real sugar, real eggs, and real butter, not petroleum, partially hydrogenated oils, high fructose corn syrup, gypsum powder, and/or other cheap toxic factory waste.
Ex-GOP Con

San Jose, CA

#2 Nov 16, 2012
Companies can't sit around waiting for lawmakers to hand them a welfare tax cut. They need to innovate to grow and survive. That is what brought Apple around. I don't even remember when was the last time I had a Hostess Twinkie.
Makes sense

Dearborn, MI

#3 Nov 16, 2012
Let's BOYCOTT these unAmerican companies so they go out of business also:

Denny's
Chick-fil-a
Domino's
Weingartz Supply Co.
Makes sense

Dearborn, MI

#4 Nov 16, 2012
Ex-GOP Con wrote:
Companies can't sit around waiting for lawmakers to hand them a welfare tax cut. They need to innovate to grow and survive. That is what brought Apple around. I don't even remember when was the last time I had a Hostess Twinkie.
Americans don't want that poison. They used to be made with real food ingredients, not anymore.

“Waytogo”

Since: Oct 09

Location hidden

#5 Nov 16, 2012
They will blame union wages all why the CEO I bet makes tens of millions.
Ex-GOP Con

San Jose, CA

#6 Nov 16, 2012
It's interesting that after 10+ years of tax cuts, the rich CEOs hoarded the wealth, closed up shop and ran. They made their millions. The experiment in "trickle down" economics proved to be a failure.

Some saying taxing the "job creators" don't create jobs BUT it would have taken longer for the rich CEOs to accumulate that wealth, and they would have had to keep reinvesting in their Company to keep it growing to achieve the wealth they personally desired. BUT waiting for a lawmaker to give them a tax cut, the wealth came to them quickly. They hoarded it. And they ran off with it.

The Bush GOP Tax cuts were a great social and economic experiment. Now we know the results.

“Forever Is Promised To No One”

Since: Nov 12

Location hidden

#7 Nov 16, 2012
Makes sense wrote:
Who cares? They are the reason why we NEED healthcare. Maybe a new honest patriotic company will make cakes with real cream, real sugar, real eggs, and real butter, not petroleum, partially hydrogenated oils, high fructose corn syrup, gypsum powder, and/or other cheap toxic factory waste.
Just like your real healthcare. You can't afford it.

“Forever Is Promised To No One”

Since: Nov 12

Location hidden

#8 Nov 16, 2012
Makes sense wrote:
<quoted text>
Americans don't want that poison. They used to be made with real food ingredients, not anymore.
Be sure to thank the union for costing 18,000 people their jobs.
Ex-GOP Con

San Jose, CA

#9 Nov 16, 2012
++++++++++

Unsecured creditors suspect that Hostess Brands Inc. may have "manipulated" its executives' pay--sending its former chief executive's salary, in particular, skyrocketing- in the months leading up to its Chapter 11 filing, in an effort to dodge the Bankruptcy Code's compensation requirements, according to a redacted court filing reviewed by Dow Jones.

The official committee representing Hostess's unsecured creditors wants to launch a formal investigation in the bankruptcy case, hoping to dig deeper into the bakery company's senior executive compensation. The information the group has already gathered suggests "the possibility" that the company converted a chunk of its top executives' pay from performance-based bonuses to guaranteed salary, "at least in part to sidestep" rules designed to ensure that companies in bankruptcy aren't enticing their employees to stay on board with the promise of cash.

+++++++++
Ex-GOP Con

San Jose, CA

#10 Nov 16, 2012
Seems to me like the new CEO handbook is vulture capitalism. Become a CEO of a company, loot it of all its money by rewarding yourself obscene bonuses, ship it to offshore bank accounts, then shut down its doors. Tax cuts have made them lazy and non-innovative.
Makes sense

Dearborn, MI

#12 Nov 16, 2012
au contraire wrote:
<quoted text>Be sure to thank the union for costing 18,000 people their jobs.
So you won't accept that the FREE MARKET decided that Hostess makes crap that no one wants to eat. I bet you are still in denial about the last election too! LOL
Makes sense

Dearborn, MI

#13 Nov 16, 2012
Ex-GOP Con wrote:
++++++++++
Unsecured creditors suspect that Hostess Brands Inc. may have "manipulated" its executives' pay--sending its former chief executive's salary, in particular, skyrocketing- in the months leading up to its Chapter 11 filing, in an effort to dodge the Bankruptcy Code's compensation requirements, according to a redacted court filing reviewed by Dow Jones.
The official committee representing Hostess's unsecured creditors wants to launch a formal investigation in the bankruptcy case, hoping to dig deeper into the bakery company's senior executive compensation. The information the group has already gathered suggests "the possibility" that the company converted a chunk of its top executives' pay from performance-based bonuses to guaranteed salary, "at least in part to sidestep" rules designed to ensure that companies in bankruptcy aren't enticing their employees to stay on board with the promise of cash.
+++++++++
If you go by their bakeries, you can smell the stench of Bain Capital.
the rest of us

Saint Paul, MN

#14 Nov 16, 2012
au contraire wrote:
<quoted text>Be sure to thank the union for costing 18,000 people their jobs.
This is both mindboggling and frightening. How a bunch of unskilled workers could blindly listen to their corrupt union thugs and shoot themselves in the foot. Most of them will never again have jobs that pay as well even with the reductions.

Since: Oct 08

Alpharetta, GA

#15 Nov 16, 2012
It's just as well, in a year or two, obamacare would have finished them off anyway. in 2 and 4 years, the dems can tell those 18,000 workers to vote for them, they are victims.
lolol

Albuquerque, NM

#16 Nov 16, 2012
bakery mogul the mexican 'bimbo' bakery brand that bought sara lee will buy up the assets cheap. the plants will re-open, but with mexican immigrant non union labor, they have 15-20million illlgal labor pool that won't whine about pay or working conditions. only real change will be the loss of 'twinkie' replaced by an icing filled burrito called 'tweenkie'.

bakery union got what they asked for, the holidays off. good luck xmas shopping with unemployment bennies fools !
please do

Albuquerque, NM

#17 Nov 16, 2012
Makes sense wrote:
Let's BOYCOTT these unAmerican companies so they go out of business also:
Denny's
Chick-fil-a
Domino's
Weingartz Supply Co.
.
tired of having to shop or dine with you illiterates milling around these places wasting oxygen. you'll be missed Not!
Seth Adams

AOL

#18 Nov 16, 2012
California faces the exact same out come as Hostess. Over promised, unaffordable, unfunded Pension schemes traded for Union campaign support will plunge Los Angeles into Municipal Bankrupcty in three years or less.

Thiry mid size Cities in California have already warned that Muni Bankruptcy is on the horizon as the most expensive per worker pension costs in American history decimate the State's ability to keep it's financial commitments.
Ex-GOP Con

San Jose, CA

#19 Nov 16, 2012
The simple truth is demand creates jobs. NOT tax cuts. When was the last time anyone saw a Hostess Twinkie commercial? The CEO failed the Company and he will walk away from it with millions to retire on.
3OHA

San Jose, CA

#20 Nov 16, 2012
Has anyone really watched these union a-holes? Even while they're employed, they shut down huge operations for breaks. Complete, huge industries shut down instead of having reasonable shifting of breaks for employees... only so these takers and their Communist bosses can flex their muscles. Then, the dumbasses go buy Chinese products to save 50 cents. They're idiots ripping the security of their own families from under them. Try to deliver to them during their breaks; try to do any business with them during multiple breaks. Your only hope is getting a management person to see to your needs. Otherwise, hundreds, if not thousands of people building resentments against those giving them a livelihood for nothing but selfishness and totally unrealistic demands. The sadness with Hostess is that any intelligent person could have seen the problems a year ago. Many of these workers crossed lines recently to secure their jobs. They were threatened by fines from the union. They crossed anyway. The sadness is that these few people willing to work for decent wages and benefits will also now be out of work. I'm an honorably withdrawn Teamsters member. They are nothing but dweebs following Communists suckering their members for huge salaries themselves.
Seth Adams

AOL

#21 Nov 16, 2012
Ex-GOP Con wrote:
The simple truth is demand creates jobs. NOT tax cuts. When was the last time anyone saw a Hostess Twinkie commercial? The CEO failed the Company and he will walk away from it with millions to retire on.
Wrong to blame ALL the Hostess Unions. Only the Bakery Union refused to even return phone calls putting every worker in the Hostess family at risk.

UAW and all the other Unions were more than willing to work with Hostess to save the 18,500 jobs.

Not all Union members are Monsters or Fools.

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