Twinkie Maker Closes

Hostess Brands Inc., the maker of iconic treats such as Twinkies and traditional pantry staple Wonder Bread, said Friday it is shuttering its plants and firing about 18,000 workers as it seeks to liquidate the 82-year-old business.
A victim of strained labor relations, Hostess ultimately was brought to its knees by a national strike orchestrated by its second-largest union. 
The work stoppage, launched Nov. 9 by the Bakery, Confectionery, Tobacco Workers and Grain Millers Union to protest a fresh labor contract, affected about two-thirds of Hostess's 36 plants. The striking workers, which number in the thousands Hostess said in court filings on Friday, were making it impossible for the Irving, Tex., company to continue producing its baked goods, Chief Executive Gregory Rayburn said.
"We deeply regret the necessity of today's decision, but we don't have the financial resources to weather an extended nationwide strike," Mr. Rayburn said Friday. He said the company will "promptly" dismiss most of its 18,500 employees and focus on "selling its assets to the highest bidders."
The specter of liquidation has loomed large since the bankruptcy case, Hostess's second in recent years, kicked off in January. From the start, the company has warned that labor cuts were its only chance to survive and said the only other possible outcome was a full shutdown of the business. Both Hostess and its largest union, the International Brotherhood of Teamsters, have long agreed a widespread strike would spell the end of the company.  http://online.wsj.com/article/SB10001424127887324556304578122632560842670.html