brand checkmate

Not Looking Good for Twinkie the Kid: Hostess, Bakers Union Mediation Fails

Posted by Shirley Brady on November 20, 2012 05:02 PM

The Wall Street Journal is reporting that the president of the bakers union in court-ordered mediation with Hostess Brands said he's "not too optimistic" that a settlement will be reached or the company's liquidation plan (now adjourned to 11 a.m. EST on Wednesday) reversed:

In an interview Tuesday afternoon, Bakery, Confectionery, Tobacco Workers and Grain Millers International Union President Frank Hurt, who’s not attending the mediation being held in New York Tuesday afternoon, said he’s heard "not a word" about how the talks are going. But he doesn’t think a deal will be reached to head off the Twinkie maker’s liquidation because his members aren’t prepared to take the labor concessions Hostess says it needs to survive.

Will brand loyalists have more success convincing President Obama to nationalize Twinkies — or will Pabst ride to the rescue and save Twinkie the Kid? Stay tuned.

Update: The announcement that mediation failed came at 7:08 p.m. ET: "Hostess Brands Inc. announced today that a mediation today with the Bakery, Confectionary, Tobacco and Grain Millers Union was unsuccessful. The Company will have no further comment until a hearing scheduled for tomorrow at 11 a.m., EST, before the U.S. Bankruptcy Court for the Southern District of New York"

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Comments

T.D.F. United States says:

Sounds like management is just going through the motions and has zero interest in rescuing the brands or hammering out an agreement with the workers. Shame. Happy holidays, folks.

November 20, 2012 07:57 PM #

Sarah Jane United States says:

What Matt Taibbi said.

www.huffingtonpost.com/.../...nkies_n_2164681.html

November 20, 2012 09:17 PM #

Elmo United States says:

Stick with me, kid.

November 20, 2012 11:18 PM #

Brand Writer United States says:

This is the best review of what really happened at Hostess:
management.fortune.cnn.com/.../

It's a story of poor management, unfunded pensions, and private equity firms/hedge funds trying to wring what money they can out of a dying business.


November 21, 2012 10:07 AM #

Comments are closed

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