NEW YORK CITY -- Hostess Brands and one of its biggest unions agreed to mediation in a last-ditch effort to keep the bankrupt maker of Twinkies and Wonder Bread from closing.
At the urging of a bankruptcy judge, Hostess Brands and the Bakery, Confectionery, Tobacco Workers and Grain Millers Union, which represents 5,600 Hostess workers, are meeting with a mediator today in a final bid to find a middle ground in their long-standing labor dispute.
If the two sides come to terms, the mediation could prevent the liquidation of the 82-year-old company and save 18,500 jobs. If not, Hostess will likely auction off its iconic brands, which include Twinkies, Wonder Bread and Ding Dongs.
Hostess announced on Nov. 16 that it was planning to go out of business, blaming a week-long nationwide strike by the bakery union that crippled production at its factories, putting an unbearable burden on the already struggling company. | SEE STORY
Retailers from coast to coast reported that customers were emptying shelves, buying up what might be the last boxes of the iconic Twinkies snack cakes.