[Image - 437871] | Hostess Bankruptcy / No More Twinkies | Know Your Meme

HOSTESS' MISMANAGEMENT Hostess begins closing production plants and other units. Hostess first enters bankruptcy after a failed restructuring. Bakery, Confectionery, Tobacco Workers and Grain Millers (BCTGM) workers agree to wage and benefit concessions, saving the company a reported $110 million-money NOT reinvested in the business. Hostess emerges from bankruptcy, controlled by a private equity firm and two hedge funds. Company's debt continues to grow, sales decrease. Floundering, company again demands concessions from BCTGM workers. Workers refuse. Hostess files for bankruptcy for the second time, demands huge givebacks, stops paying pension obligations. Union files complaints with National Labor Relations Board. BCTGM workers stand up to Bain-style crony capitalism and strike 2003 2004 2009 2011 2012 Hostess announces liquidation Since 2004 Company has closed 21 plants, killed thousands of jobs, remains nonviable. Hostess has had six CEOs; none turned company around Since 2002

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Origin Entry: Hostess Bankruptcy / No More Twinkies

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