Archived Hostess is closed

[ptl]

On the local Sunday night news there was a story that said there is a company in Mexico that might be interested in buying Hostess.
And the bread company Bimbo company is interested, too.

It kind of sounded like these two places are the same. Who knows.

They are the same company. Grupo Bimbo.

But Hostess says Bimbo's probably not in the market to buy them anyway. They own Sara Lee, and owning both Hostess and its only real competitor would lead to antitrust issues.

 

[OneGoodEar]

They are the same company. Grupo Bimbo.

But Hostess says Bimbo's probably not in the market to buy them anyway. They own Sara Lee, and owning both Hostess and its only real competitor would lead to antitrust issues.

There is another company whose interested but I forget its name. I think it has freshness in its name but I am not sure.

 

[Retail Girl]

Apparently the two sides will be meeting one more time to tomorrow to see if they can come to an agreement. I don't see the big brass giving up their obscene raises, but who knows.

http://lifeinc.today.com/_news/2012/11/19/15279605-twinkies-last-stand-its-up-to-a-mediator?lite

 

[redeye58]

Maybe not, but it might spur legislation to deal with the end-runs these CEOs have been doing to abuse bankruptcy laws.

 

[daninnj]

When they expand to your areas... You should really try TastyKakes, especially Peanut Butter Kandy Kakes. mmmmmmmm

 

[redeye58]

Now, Dan, that's just MEAN....(hand me one of the peanut butter ones, please?)

 

[daninnj]

 

[TargetTeam]

Maybe Tastykake will just buy out Hostess:nah:

 

[redeye58]

Oh my Lord -- Dayum, those are GOOD!

 

[bikebryan]

What would be great is if the two sides come to an agreement in arbitration, which they have been forced into by the courts. Then all those idiots who bought up everything and were hoping to score big on ebay are going to have to eat it - maybe literally.

 

[redeye58]

Look for a surge in glucose meters & tester strips.

 

[mrknownothing]

Look for a surge in glucose meters & tester strips.

Hardlines 4, could you come to HBA please?

 

[commiecorvus]

Little update and man, I would be pissed if I was an employee at Hostess.

Hostess Brands acknowledged for the first time in a news report Monday that the company diverted workers' pension money for other company uses.

The bankrupt baker told The Wall Street Journal that money taken out of workers' paychecks, intended for their retirement funds, was used for company operations instead. Hostess, which was under different management at the time the diversions began in August 2011, said it does not know how much money it took.

"It's not a good situation to have," Hostess CEO Gregory Rayburn told the WSJ.

"Whatever the circumstances were, whatever those decisions were, I wasn't there," Rayburn added. As the founder and owner of Kobi Partners, a restructuring advisory firm, Rayburn was appointed acting CEO in March 2012.

In November, a judge approved Hostess' plan to pay $1.8 million in bonuses to 19 executives, according to CNBC. Rayburn declined to take a bonus but also avoided a company-wide pay cut that he imposed, Hostess told HuffPost.

So the execs get their bonuses but the workers pensions have been used for other things?

 

[Hardlinesmaster]

Execs should of got nothing. IMO.

 

[redeye58]

...and the workers basically got a Twinkie up the a$$.
Capitalism & free trade - gotta love it.

 

[Retail Girl]

But, of course, it's the little guys' fault they went under.

 

[redeye58]

Yeh, those union goons who DARED to fight for their pensions & benefits while the execs 'misappropriated' the funds set aside for those bennies.
And the judge AGREED to allow them their bonuses for helping close down the company quickly & efficiently.
Given how they looted the company, they're the last ones I'd put in charge of shutdown.

 

[Life201]

Not to mention going into chapter 11 TWICE because of said practices as well as continuing to give executives pay bumps even as they were demanding cuts..

No different than what is happening with Target.

There comes a breaking point where a business will be beyond saving if the greed is not reined in.

 

[bikebryan]

Little update and man, I would be pissed if I was an employee at Hostess.



So the execs get their bonuses but the workers pensions have been used for other things?

Remind anyone of Congress and Social Security?

 

[lovecats]

It was funny but the other day zoning in Market I notice we still have about a dozen Hostess fruitcakes. Now those things will last forever!:spiteful:

 

[redeye58]

^True that.
Using one from 1984 as a door stop.

 

[nobiliscus]

I had a guest burst into tears.
Tears...
From her face...
In real life...

 

[commiecorvus]

Well, Hostess is back and from what I can tell with some of the same executives in charge.
The one big difference ....
No union.
Why am I not surprised?
In fact there is a part of me that suspects this was the plan all along.

http://www.huffingtonpost.com/2013/06/23/twinkies-july-return-to-shelves_n_3486930.html

 

[sigma7]

Dropping shipments at the DC means still no hostess vendor to deal with.

 

[pzychopopgroove]

Dropping shipments at the DC means still no hostess vendor to deal with.

Before I was laid off at my position at the gas station the only vendor that was semi-enjoyable to deal with was the hostess vendor. He was a pretty cool stand up guy.