Hostess Brands Inc., maker of Twinkies, Wonder Bread and more, said yesterday it would liquidate the company if a strike by its bakery employees didn’t end by 5 p.m today. Hours after the deadline, neither the company nor its striking union has backed down.
A company spokesman says it will most likely announce the next move tomorrow morning. It’s last public statement was on Wednesday, when it said it would file a motion to begin liquidating the company next Monday if employees did not return to work today. Hostess CEO Gregory F. Rayburn said this in the statement:
“It is now up to Hostess’ BCTGM [Bakery, Confectionery, Tobacco Workers & Grain Millers union] represented employees and Frank Hurt, their international president, to decide if they want to call off the strike and save this Company, or cause massive financial harm to thousands of employees and their families,”
Today, far from backing down, the union released a statement saying the company’s failure is the fault of its management, and that workers would only return if pay and benefit cuts were reversed. More on this after the jump.