-Submitted by David Drumm (Nal), Guest Blogger
CEO Gregory Rayburn of Hostess Brands, maker of Twinkies, Ho Ho’s, and Sno Balls, has announced plans to liquidate the 83-year old company. The company is in its second bankruptcy in a decade. Hostess sold about $2.5 billion worth of snack products last year with Twinkies leading the pack. However, the company has nearly $1 billion in debt and has $2 billion in unfunded pension obligations.
About 18,000 jobs are at stake. The unionized employees are represented by the International Brotherhood of Teamsters and the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (BCTGM). BCTGM in September rejected a last, best and final offer from Hostess and went out on strike.
While Hostess CEO Gregory Rayburn was planning to ask his employees for wage and benefit concessions, he was awarded a 300 percent raise (from approximately $750,000 to $2,550,000). Nine other top executives of the company received massive pay raises.
Over the eight years since the first bankruptcy, Hostess employees have watched as:
money from previous concessions that was supposed to go towards capital investment, product development, plant improvement and new equipment, was squandered in executive bonuses, payouts to Wall Street investors and payments to high-priced attorneys and consultants.
BCTGM stated that “Our members are on strike because they have had enough.” The union’s members voted 92% to reject the company’s “best and final offer.”
Hostess plans to sell its most popular brands like Twinkies, CupCakes, Ding Dongs, Ho Ho’s, Sno Balls, and Donettes. In the mean time, Hostess products are flying off store shelves.
Competitors like Bimbo Bakeries USA (pronounced “Beembo”), also employing union workers and the largest bakery corporation in the US, may be a likely purchaser of some of the Hostess brands.
H/T: LGM, Think Progress, Policy Mic, Sacremento Bee, WSJ, Courthouse News.
“Tony C.
1, November 18, 2012 at 2:45 pm
@Idealist: Make a demarcation.
No”
===========
Why not?
@Idealist: Make a demarcation.
No.
well, the guys are at it again. this thread is dead except for them.
Dredd,
I see your point. To create is sometimes to destroy and vice versa. Sugar is a powerful substance. Almost as powerful as greed and money. But rest easy. I’m sure someone will come along to provide your sponge cake and sweet unidentifiable cream filling fix.
In case you didn’t catch that, Oh Slow Ones?
“Dogpile” was a double entendre.
Gene H. 1, November 18, 2012 at 2:26 pm
Lay off those Twinkies, Dredd. 😀
============================
I can’t, that is why this bankruptcy Nal posted about is not all negative.
And once again, you know absolutely nothing about me, nick. Except the limited information I choose to share.
And I’ve told you that you have nothing to worry about on defamation.
No one important to me cares what you think of me. Or anything else for that matter, douche bag. But by all means, you and your crazy buddy try to dogpile.
It’s really funny.
ID, When Gene resorts to “I know you am but what am I” you know he’s really got nothing. And, as we’ve discussed many times, the ONLY experience of which he speaks is law school. All down hill after that. This blog all he’s got and he will angrily and classlessly defend this little fiefdom. Sad, if he weren’t a man w/ no apparent redeeming qualities beside intellect. This is where he has threatened a defamation suit 2-3 times previously.
idealist707 1, November 18, 2012 at 2:09 pm
…
So drop the dog erection, GeneH. You wiil not be able to stick it to me, even tho’ you have already tried.
================================
“I notice that there are a lot of recounts in this erection …” – Confucius
Lay off those Twinkies, Dredd. 😀
*************
When attacked, I’ll defend myself, id707. This: “Now again you address two of my points, and unlike GeneH you concede at least the first. Admirable.” Constitutes not only an attack, but an unprovoked attack. If you don’t like that “your points” aren’t conceded by others, perhaps you should learn to make them better. But if you just want to attack me? Sure, I’ll defend myself.
Whether you like it or not.
Your almost total lack of logic and logical skills notwithstanding.
Think about that next time you just want to do a little back biting.
“Gene H.
1, November 18, 2012 at 2:00 pm
I didn’t address any of your “points”, id707. So far all I’ve done is agree with Tony. Because he’s correct. What is sheer irony is there is that you criticize Tony for false attribution while doing the very same thing. That’s just adorable.”
============================================
Where are you coming from? I addressed only TonyC, not you. Projecting yourself as usual?
Read what I addressed to you immediately above, if you want to know what I think of you. Your comment has no basis in reality as to timing or to the discussion between TonyC and I, which you stuck into with comments—which is OK, but not relevant as to his and my discussion. You try, but fail.
Your approval of TonyC or the phase of the moon is indifferent to me. You live solely in your own mind.
So are therefore useless as a source of information.
You have talents, but thinking out of the box is not one of them. So drag your blanket of logic over you in comfort. You need it.
Gene H. 1, November 18, 2012 at 12:41 pm
Why is it that people who don’t know much often think people who know a lot think they know everything?
============================
Because of the biased concept of intelligence depicted in itsy-bitsy-evolution for one thing.
Eating Twinkies has its downside, like posting things twice.
As for GeneH, a pile of skit smells the same by whatever name you call it.
He always comes running when he smells a bullying going on.
The problem for GeneH this time is that TonyC does not need to bully to win conflicts. TonyC and I have differed and agreed many times with no one feeling put upon or bullied.
So drop the dog erection, GeneH. You wiil not be able to stick it to me, even tho’ you have already tried.
As for learning new things every day, that was the most humble thing that I have ever heard you say.
Join the club, it is true for me and others as well, so you’re not special at all.
New things about you, however, are rare, if not never forthcoming.
Gene H. 1, November 18, 2012 at 12:41 pm
Why is it that people who don’t know much often think people who know a lot think they know everything?
============================
Because of the biased concept of intelligence depicted in itsy-bitsy-evolution for one thing.
Eating Twinkies has its downside.
I didn’t address any of your “points”, id707. So far all I’ve done is agree with Tony. Because he’s correct. What is sheer irony is there is that you criticize Tony for false attribution while doing the very same thing. That’s just adorable.
TonyC.,
You started out with a blanket defense of bureaucracy.
I came with speciific criticisms based on corrupt interests of managers. That was all that I came with.
The rest has been your writings, some of which I can agree with but would correct slightly. IE. bureaucracies are fine as ideals, but in reality, as I plead for, need sharp external supervision. type GAO.
Now again you address two of my points, and unlike GeneH you concede at least the first. Admirable.
However, I did not say that you said you were infallible. I only wished to imply that people who are in the know, DO tend to regard themselves as authorities. Which is OK, as long as they are willing to argue their points, and not just assert them as self-evident, due to their own knowledge.
Again, you use me for a springboard, which implies with no clear connection as to whether you are arguing against me (ie items I never mentioned in fact) or have my tacit agreement with.
This is patently (that word again) inequitable.
I think you should stop, which you have done before and repeat doing, enlisting me in making your points which I have not brought up.
Make a demarcation.
Make your posts of YOUR points in your own comment without me as object to whom you are replying.
For this reason, I shan’t even comment your last comment, although were it separately written, I would be inclined to agree with parts, note parts of it.
BTW, when designing for NASA, I had help of the parts people. Very helpful. I never had a problem with bureaucracy at NASA, JPL, USAF Pacific Civil Engineering Directorate, the computer people at Vandenberg AFB (satellite launching site), USN engineers, Department of Water Resources in California, nor with the people working in our company for 30 years.
Sometimes I had to push, but I respected their limits. At NASA, you did not do crap without a test or handling procedure approved and dry tested. For a good reason, which I can explain.
So to put me in the group of bureaucracy haters is incorrect.
You are most welcome, AY.
Gene,
I’ve learned to use both of your posts at 1:36 and 1:39 and implement them in practice….. Thanks….
Projecting your own anger on to others does not make it theirs.
That’s basic psychology.
You know what my grandfather used to say, Blouise. “The only day wasted is the day you didn’t learn something new.” Like you, I try to never waste a day.