November 16, 2012

They did un-build that

The Bakery, Confectionery, Tobacco Workers and Grain Millers International Union refused to end its strike yesterday.

"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." Hostess Brands Inc. had earlier warned employees that it would file to unwind its business and sell off assets if plant operations didn't return to normal levels by 5 p.m. Thursday. In announcing its decision, Hostess said its wind down would mean the closure of 33 bakeries, 565 distribution centers, approximately 5,500 delivery routes and 570 bakery outlet stores in the United States.

But fear not labor leaders...

"Most employees who lose their jobs should be eligible for government-provided unemployment benefits," Hostess said.
Don't Demand the Unearned Economics and Markets Posted by JohnGalt at November 16, 2012 10:56 AM

It's a shame that marijuana legalization in Washington state could not save them.

Time to get bullish on Doritos?

Posted by: AlexC at November 16, 2012 11:31 AM

Pot's legal in Colorado too. Didn't help Colorado's Twinkie bakery.

Posted by: johngalt at November 16, 2012 11:42 AM | What do you think? [2]