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Union strike leads to shutdown of Twinkies maker Hostess
A contentious fight between Hostess Brands Inc. and its second largest union this fall resulted in the Twinkies, Ding Dongs and Ho Hos maker declaring that it had to liquidate. The Bakery, Confectionery, Tobacco Workers and Grain Millers International Union accused the company of slashing wages and benefits while bumping up executive pay. The 82-year-old company has won approval from a federal bankruptcy judge to give as much as $1.75 million in incentive bonuses to executives overseeing the wind-down, which will take about a year and cost more than 18,000 workers their jobs. More than 100 potential bidders, including reportedly the owners of Sara Lee and Pabst Blue Ribbon, are interested in buying Hostess' assets.