March 12, 2013
The winning bid is a joint venture by private equity firms Apollo Global Management (APO) and Metropoulos & Co. A statement from Dean Metropoulos, founder of one of the firms, confirmed they are the winning bidder.”Our family is thrilled to have the opportunity to reestablish these iconic brands with new creative marketing ideas and renewed sales efforts and investment,” said Metropoulos. “We look forward to having America‘s favorite snacks back on the shelf by this summer. We are also ecstatic to bring jobs back to many cities across the country.”
The bankruptcy court had been set to have an auction among qualified bidders on Thursday, but Hostess notified the court late Monday that no other qualified bids had been submitted. That means the $410 million bid wins by default with no further approval of the court being required.
Read more at money.cnn.com …
November 20, 2012
Hostess Brands Inc. said Tuesday night that mediation talks with its bakers union failed and the company will proceed with plans to close down and sell its assets.
Read more at online.wsj.com …
November 16, 2012
Say goodbye to your Twinkies. Pulled the plug.
Texas-based Hostess Brands, Inc. has decided to go out of business and liquidate its assets after failing to win back striking workers.
The company posted a statement on a website set up specifically for people following the strike.
“We deeply regret the necessity of today’s decision, but we do not have the financial resources to weather an extended nationwide strike,” said Gregory F. Rayburn, chief executive officer. “Hostess Brands will move promptly to lay off most of its 18,500-member workforce and focus on selling its assets to the highest bidders.”
About one-third of the company’s workers are union members who are unhappy about the company’s cutbacks during its bankruptcy reorganization.
Say hello to Obama’s Chavez economy.