Hostess to liquidate, costing 106 Triad jobs and 617 statewide

[struggle4progress]

Posted: Friday, November 16, 2012 11:24 am | Updated: 11:52 am, Fri Nov 16, 2012.

Richard Craver/Winston-Salem Journal

The decision today by Hostess Brands Inc. to liquidate the company’s assets will leave 106 employees in the Triad and as many as 617 statewide without a job.

Hostess, which made Twinkies, Sno Balls and Wonder Bread, re-entered Chapter 11 bankruptcy protection in January – its second filing in less than a decade -- as part of a tactic to lower labor and operational costs amid increased competition.

The shutdown will affect 18,500 employees nationwide, as well as 33 bakeries, 565 distribution centers, 5,500 delivery routes and 570 bakery outlet stores.

The state and local job counts were according to WARN Act notices the company filed in May with local elected officials and the N.C. Commerce Department ...

http://www.journalnow.com/business/business_news/local/article_0d97c4be-300a-11e2-814a-0019bb30f31a.html

[thelordofhell]

1. Venture capitalism at its finest

This should be outlawed!!

[ruffburr]

2. They are just screwing the employees-

When the employees said enough, This is the action that hostess has taken, Other than the jobs lost, I say good riddance to hostess and the junk they make