Chou Chou provided the link to this article.
“Hostess Brands is unprofitable under its current cost structure, much of which is determined by union wages and pension costs. The offer to the [bakers’ union] included wage, benefit and work rule concessions but also gave Hostess Brands’ 12 unions a 25 percent ownership stake in the company, representation on its Board of Directors and $100 million in reorganized Hostess Brands’ debt.”
“We deeply regret the necessity of today’s decision, but we do not have the financial resources to weather an extended nationwide strike,” said Rayburn, a turn around expert brought in this year to guide the company through bankruptcy. ”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.”
Unions find satisfaction in destruction.
Socialists…including Obama…find satisfaction in destruction. Obama is pleased and proud of the takeover of the auto companies, and has said that he would like to nationalize more industries. Google search
He has a petition on the White House Blog web site to nationalize the Twinkie industry. See More
Democrats as a group are Socialists. Republicans… as a group… are Capitalists. Conservatives are Capitalists.