Issue Date: Vol. 53, No. 11, November 2013, Posted On: 11/5/2013
Auctions Of Hostess Brands' Assets Nationwide Began Oct. 30
Rabin Worldwide Press Release
TAGS: Rabin Worldwide Inc., Capital Recovery Group,, Hostess auction, Hostess factories, Hackman Capital Partner, Hostess Brands, Twinkies, Wonder Bread, vending
Rabin Worldwide and Capital Recovery Group to conduct coast-to-coast vehicle and equipment auctions at over 90 locations
Source: Rabin Worldwide | Released Oct. 28, 2013
SAN FRANCISCO -- Oct. 28 -- Rabin Worldwide Inc., a San Francisco industrial auction company, in conjunction with Capital Recovery Group, a Connecticut industrial auction and appraisal firm, will conduct multiple auctions for the remaining assets of former Hostess factories on behalf of Hackman Capital Partners. After Hostess Brands ceased operations in November 2012, many of its brands and factories, such as Twinkies and Wonder Bread, were immediately sold to competitive producers. Hostess Brands later won court approval to sell the rest of its assets at auction and Hackman Capital Partners purchased the remaining real estate, bakery equipment, and fleet assets located in 34 states.
In addition to seven complete Hostess factories that produced Twinkies, Cupcakes, and Wonder Bread, the auction will include more than 3000 trucks and trailers at over 90 additional locations. Many of these trucks were responsible for delivering Twinkies and other treats from the regional distribution centers to local convenience stores. A series of factory auctions will be held both online and live over the next 3 months beginning Oct. 30 in Los Angeles. The remaining auctions will be held in St. Louis, Cincinnati, Oakland, and Philadelphia.
"The amount of interest in these auctions is unprecedented," said Richard Reese, President of Rabin Worldwide. "The nostalgia for Hostess Brands has attracted a lot of attention to the sales, and we hope it will strengthen bidding. Many of us Boomers who had brown bag lunches at school had our sandwiches made on Wonder Bread and our favorite Hostess treat for dessert," Reese reminisced.
Rabin Worldwide and the Capital Recovery Group specialize in multiple location liquidations throughout North America. Similar auctions include Braniff Airlines, Montgomery Ward, and the Railway Express Agency. Complete listings and auction schedules can be found online at rabin.com.
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