Search
 
 

Display results as :
 


Rechercher Advanced Search

Latest topics
» Bible Study
Sat Jul 15, 2017 3:26 pm by Admin

» So far......
Wed Feb 15, 2017 2:58 pm by Admin

» DreamAbode partners Lagos state ministry of housing on ‘Rent to own” scheme in making more youths landlords
Fri Jan 27, 2017 8:08 am by Admin

» Photo of the week
Fri Jan 27, 2017 7:55 am by Admin

» Great movie soundtracks
Tue Nov 29, 2016 3:44 pm by Admin

» Cake designs
Tue Nov 22, 2016 6:44 pm by Admin

» youtube karaoke
Wed Nov 16, 2016 9:16 pm by Admin

» Oldies Oldies Oldies
Wed Nov 16, 2016 6:25 pm by Admin

» Christian music
Wed Nov 16, 2016 6:23 pm by Admin

Navigation
 Portal
 DiscussionForums
 FAQ
 
November 2017
SunMonTueWedThuFriSat
   1234
567891011
12131415161718
19202122232425
2627282930  

Calendar Calendar

Shopmotion



Hostess Gets Aproval To Wind Down Operations

View previous topic View next topic Go down

Hostess Gets Aproval To Wind Down Operations

Post  Admin on Wed Nov 21, 2012 4:38 pm

A bankruptcy court judge in New York is approving a request by Hostess Brands Inc. to begin winding down its operations.

The ruling came Wednesday in White Plains, New York after the maker of Twinkies and Ding Dongs failed in last-ditch negotiations Tuesday to end a strike by its second-largest union.

Hostess, based in Irving, now has the green light to terminate the jobs of its 18,000 workers and sell off its brands. The brand has been dealing with striking workers at plants across the country since November 9.

In court Wednesday, Hostess said it needed to begin the liquidation process quickly to take advantage of outside interest in its brands, which a banker said could fetch up to $2.4 billion. That’s about how much they generate in annual sales.

The judge allowed Hostess to return excess ingredients and packaging in an effort to get access to cash.

Hostess has been spending about $1 million a day in payroll without any income since it halted operations last week.

The company will retain 3,200 employees nationwide to assist with wind-down operations. In a release, the company said the process will take one year.

Carrollton Republican State Representative Burt Solomons called out executives of the company for hiding behind the bankruptcy hearing. “Management wants their bonuses, they want their insider plans for – in effect - mismanaging the company. I thought it was a shameful use of the bankruptcy court,” he told KRLD.

http://dfw.cbslocal.com/2012/11/21/hostess-gets-aproval-to-wind-down-operations/

Admin
Admin

Posts : 2061
Join date : 2008-07-18

http://lagosisland.forumotion.net

Back to top Go down

View previous topic View next topic Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum