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Twinkies Maker Files for Bankruptcy

Rumor
has it that Twinkies have an infinite shelf life*, but unfortunately the
maker of the famous snack may not enjoy such longevity.

Hostess Brands Inc, the company that makes Twinkies and Wonder Bread,
has filed for Chapter 11 bankruptcy protection, blaming high debt and
labor costs:

The privately held Irving, Texas, company’s move marks the second
significant court restructuring in the past several years. In a statement,
Hostess said the current cost structure "is not competitive, primarily
due to legacy pension and medical benefit obligations and restrictive
work rules." It said it would be able to maintain operations thanks
to a $75 million financing commitment from a group of lenders.

In bankruptcy, Hostess said it plans to continue negotiating with
12 unions to modify the collective-bargaining agreements governing the
employment of its union workers, who comprise 83% of its approximately
19,000 employees.

Better stock up on Twinkies! Link
– via Metafilter

* Declared false by
Snopes
, but we still suspect that you can safely eat a Twinkie much
longer than its purported expiration date


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