Hostess Brand went back to liquidating its assets today after the creme-injecting cake company announced it couldn't work things out with its bakers union during mediation on Tuesday.
According to press reports, Hostess wasn't ready to make any comment except to say that mediation was "unsuccessful," and thus you will need to stock up on Twinkies for sure. A federal judge had hoped to save the spongy cakes and tens of thousands of jobs when he forced both sides into mediation earlier this week.
See also: Forget Health Care, Hostess Lovers Want Obama to Socialize Twinkies
It will take a few months to officially close down Hostess, which is
hopeful that in the meantime someone will want to buy the company. A few companies have reportedly expressed interest in buying
Hostess, including private equity firm Sun Capital Partners Inc.,
based in Boca Raton, Fla., according to ABC News.
The Bakery, Confectionery, Tobacco Workers and Grain Millers International Union, which represents about 30 percent of the company's workers, went on strike Nov. 9, claiming they've given enough concessions to the company. On Nov. 12, Hostess shut down its plants, blaming the strike for crippling its ability to maintain production.
Hostess began laying off its 18,000-plus employees, some of whom work in Oakland.
Meanwhile, sugar-stricken Americans are asking President Obama to save Ding Dongs and Ho Ho's for good. A petition is being circulated, demanding the commander in chief nationalize the Twinkie industry.
So far, 3,751 people have signed the petition, which needs 21,249 signatures by Dec. 16 in order for federal policy-makers to consider the request.
Go get your Twinkies.