Hostess Brands (Photo by Scott Olson/Getty Images)
WHITE PLAINS, New York -- The maker of Twinkies and Ding Dongs says it failed to reach an agreement with and its second biggest union. As a result, Hostess Brands will continue with a hearing on Wednesday in which a bankruptcy court judge will decide if the company can liquidate.
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The talks had come as a surprise after Hostess declared last week it would move to wind down its business and start selling off its assets in bankruptcy court. The judge noted that 18,000 jobs were on the line and urged the company and union to try to resolve their differences.
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Hostess shut down its three dozen plants late last week after it said a strike by the union crippled its ability to maintain normal production. The union representing workers says it as given deep concessions for years and that Hostess's demise was the result of years of mismanagement.