You Saw This Coming of the Day: Hostess Halts Operations and Begins Liquidation Process
Hostess, the maker of Twinkies and Wonderbread, is on the express lane to liquidation after a union strike that began last week had crippled its production and delivery lines. It's no secret that the American bakery manufacturer has been in financial decline; the company initially filed for Chapter 11 Bankruptcy back in 2004, which lasted for five years before resurfacing as a private company in 2009, only to declare bankruptcy again earlier this year in January 2012. According to Hostess' spokesperson, all of its business operations have been suspended in 33 plants across the country and most of its 18,500 employees will lose their jobs as a result of the liquidation. Today's news has already prompted a mourning period on the Internet with various tributes to Hostess, including this "Ode to Hostess" mashup by YouTuber Meldude10.
You Saw This Coming of the Day is a feature series following the latest news in current events that have been on the ticking clock, as well as social media commentaries that are predictable or cyclical in nature.
- Reposted by