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Hostess may shut down

NalliaNallia Posts: 2,979Registered Users
"...just because you're paranoid doesn't mean that there isn't an invisible demon about to eat your face." ~Harry Dresden

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  • EilonwyEilonwy Posts: 12,389Registered Users
    Hostess has been circling the drain for ages. Management is just scapegoating the unions to deflect attention from their own terrible decisions.
  • LadyV69LadyV69 Posts: 3,397Registered Users
    They may be going out of business. I hardly eat the stuff, but it's still kind of sad to see a long standing business like this go.

    Goodbye Twinkies and Wonder Bread? Hostess to go out of business | 7online.com
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  • SarcasmIsBeautySarcasmIsBeauty Posts: 5,640Registered Users
    A coworker brought some in today, against my better judgement, I ate one. What a mistake, it made me nauseous.
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  • rouquinnerouquinne Posts: 13,498Registered Users Curl Dabbler
    you will be able to get contraband Twinkies from Canada - another company makes them up here!!!!

    :D

    hmmmm... i wonder if i could make money off this!!!

    :laughing5:
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  • munchkinmunchkin Posts: 2,909Registered Users
    The company told the union they were closing down if they didn't settle by Thursday evening. OK, so now 18,500 employees have no job as opposed to having a job making less. I have been in the same boat. Personally, I would rather have the job even if my pay was less and benefits cut. Where are these people going to find work now? Having been in a union and also having been salaried, this is one of the reasons I am anti union.
    3b/c
  • claudine19claudine19 Posts: 4,486Registered Users
    I will miss the option of buying King Dongs, Ho-Ho's, those pies, and Twinkies, even if I rarely eat them.

    Growing up, I loved that stuff!
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  • prentonneprentonne Posts: 163Registered Users
    I think the company was already out of business. The strike just lets the executives blame the workers.


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  • poemaXXpoemaXX Posts: 456Registered Users
    If they couldn't pay their workers a fair pay, they may as well go out of business.

    On a funnier note: has anyone seen Blue Man Group and their bit with unwrapping Twinkies? I wonder how the convo is at Blue Man Group HQ right now... "Crap!! Stock up til we can bring 'em in from Canada!"
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  • yossarianyossarian Posts: 967Registered Users
    claudine19 wrote: »
    I will miss the option of buying King Dongs, Ho-Ho's, those pies, and Twinkies, even if I rarely eat them.

    Growing up, I loved that stuff!

    +1 to the Ho Hos, and also Funny Bones. Haven't bought them in forever, but they were my fave junk food.

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  • munchkinmunchkin Posts: 2,909Registered Users
    Shame, the Teamsters actually wanted the Bakers' Union to accept the contract. I was in a union once where the head of our union gave us a bum steer, and we all blindly followed. I also remember right before our plant shut down everyone in the shop union kept saying management was just playing games and the company would never shut down. I was the executive assistant to the president of the company at the time and knew just how bad of shape the company was in. Times change. Never say never.
    3b/c
  • MojoDojoMojoDojo Posts: 702Registered Users
    You'd be surprised what a union strike can do.

    I think they were calling Hostess' bluff, and they were actually on the verge of bankruptcy.

    I never liked any of the Hostess stuff, including Wonderbread. *shrug* But I do feel bad for the 18500 workers that really had no choice over what their union was doing, and are now jobless over it. I can totally relate to losing your job over something completely out of your control.
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  • curlyarcacurlyarca Posts: 8,449Registered Users
    Now that they're doomed, you can't find a Twinkie or cupcake anywhere. LOL

    "In the depth of winter, I finally learned that within me there lay an invincible summer."

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  • poemaXXpoemaXX Posts: 456Registered Users
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  • murrrcatmurrrcat Posts: 9,596Registered Users
    claudine19 wrote: »
    I will miss the option of buying King Dongs, Ho-Ho's, those pies, and Twinkies, even if I rarely eat them.

    Growing up, I loved that stuff!


    King dongs???

    I can't breathe. :evil4::laughing6::laughing4::laughing3:
    tumblr_mji9u1Fwza1rh1wv4o1_500.jpg
  • EilonwyEilonwy Posts: 12,389Registered Users
    FWIW I've heard that the union made this decision because the company would have soon gone out of business anyway, and accepting a lower salary from Hostess would have decreased resulted in other companies lowering pay for similar jobs across the board.
  • wild~hairwild~hair Posts: 9,890Registered Users
    munchkin wrote: »
    The company told the union they were closing down if they didn't settle by Thursday evening. OK, so now 18,500 employees have no job as opposed to having a job making less. I have been in the same boat. Personally, I would rather have the job even if my pay was less and benefits cut. Where are these people going to find work now? Having been in a union and also having been salaried, this is one of the reasons I am anti union.

    Hostess was going down and those jobs were going away no matter what. This has less to do with unions and more to do with the fact that people just don't eat that crap like they used to. Thank god!

    They tried healthier offerings to boost business. It didn't work. Not surprisingly, a company that makes fake, sugary, unhealthy "food" doesn't know how to make healthy food options that taste good and people want to buy.
  • OBBOBB Posts: 4,174Registered Users
    before blaming the unions please check into the company's past. the first time they filed bankruptcy the unions agreed to cut benefits. debt was racked up by the hedge fund guys then the investors drained the cash out and wants the employees to bear the costs. While the company was filing for bankruptcy, for the second time, earlier this year, it actually tripled its CEO’s pay, and increased other executives’ compensation by as much as 80 percent. they knew their business model was going down the drain so theyre squeezing every dollar out of it. they can still reap profits by wiping out the pension plans selling off their brands.

    This is Bain capitalism. Romney and his cronies has perfected this business model. Companies will do whatever necessary to maximize the bottom line. They will never care about the average worker.

    Heres how Bain capitalism works. Bain is a private equity firm. They borrow money to buy a troubled company. They borrow more money to spruce it up and cook the books. Then they sell it at a tidy profit when they know it will collapse in the future. because of a tax loophole Romney receives what is effectively a salary without paying the ordinary 35% income tax rates that an average person would have to pay on such income. He only pays 15%. This is why he refuses to release his tax returns. This is also why he stated that he would eliminate capital gains(money earned from investments) tax if he was elected president.
  • RedCatWavesRedCatWaves Posts: 31,258Registered Users
    I just don't understand why/how it's legal for these "venture capitalists" to rape these company pension plans. Shouldn't pension plans be legally protected? I mean...Republicans talk about people taking care of themselves...these employees WERE taking care of themselves, by working for a company with a pension plan. And now they're f*cked.

    And now they will have to rely on an ever-decreasing social security "hand out" to survive their retirements, and they'll be held in contempt by Republicans for "not taking care of themselves".
  • OBBOBB Posts: 4,174Registered Users
    this is the new business model. its been implemented since the 80's. gone are pensions and unions. here to stay are temps and part time. unskilled labor will make between minimum to 15$ per hour max. Even during the Republican primary Newt, Rick Perry and others slammed Mitt for being a 'vulture capitalist'. Destroying companies and lives. Short term profit is all they care about. Ofcourse its all legal
  • munchkinmunchkin Posts: 2,909Registered Users
    Defined benefit pension plans became pretty much a thing of the past in the late 80's. Many of them were overfunded. Companies distcontinued the pensions, bought annuities for the participating employees, and took the excess cash. They found it cheaper to provide defined contribution plans; i.e., 401(k)'s. Our company did that.

    Those people who have had pension plans for the past 20 years are the minority. It is not new for a company to discontinue the pension plan.

    I never thought of it as necessarily a bad thing. My husband and I came out probably ahead of the game with our 401(k)'s.

    In fact, I think the government should do this to their employees to save money for the taxpayers.
    3b/c
  • redcelticcurlsredcelticcurls Posts: 17,502Registered Users
    A co- worker posted this on Facebook. This is why I'm so glad not to work for some douchbag company that many have become.

    Shared status follows:

    The more I read about "Papa John" the gladder I am to work for a company who:
    Provides paid time off and full health insurance for any employee and their spouse/dependents who work an average of 20hrs/week (AND recognizes domestic partnerships in states that don't allow gay marriage)

    Doesn't raise prices on goods for the customer (or employee {so far anyway}) when health insurance premiums go up

    Was affected by hurricane Sandy (81 stores closed at some point, 2 stores are still closed) but found a way to continue paying employees based on their regular schedules of the stores that were closed even though they couldn't work (we're talking about hundreds if not thousands of people)

    Delivered trucks and trucks and trucks of food, bottled water and energy bars to those affected and in need on the east coast as well as donated money to the Red Cross.

    Does all of this not because it's the law or someone else had to explain that it's the right thing to do but because they believe it doesn't make sense any other way-- you hire the best, treat them the best, they do their best, the business is the best.

    Ok, back to nap so I can make the world safe for groceries another day but I wanted to take an important moment to be sincerely grateful to work for a company with good morals and truly decent people. Hearts.
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  • JosephineJosephine Posts: 14,175Registered Users
    So..am I the only who has never had or even seen a twinkie??
  • spiderlashes5000spiderlashes5000 Posts: 17,495Registered Users Curl Neophyte
    I have seen many (previous bf was addicted to them) but I have never eaten one.

  • NalliaNallia Posts: 2,979Registered Users
    I ate Twinkies as a child. I never liked me much. The filling tasted like pure sugar and left a nasty, greasy feeling in my mouth. Eww. For my processed baked treats, I always preferred TastyKakes.
    "...just because you're paranoid doesn't mean that there isn't an invisible demon about to eat your face." ~Harry Dresden

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  • gekko422gekko422 Posts: 4,869Registered Users
    Ah yes, those pesky unions again, always wanting more....
    Hostess Brands, the maker of sweet snacks like Twinkies that filed for Chapter 11 bankruptcy protection last week, will ask a bankruptcy judge today to approve a plan that will allow it to pay $1.75 million in bonuses to 19 of its executives. Hostess’ decision to file for bankruptcy came amid disputes with its union workers, who threatened a strike that Hostess said imperiled the company’s finances. The unions are now protesting Hostess’ request for the bonuses, though they are unlikely to prevail, CNN Money reports:
    Hostess Brands will ask a bankruptcy judge on Monday for approval to shut down the company and pay $1.75 million in executive bonuses.

    Unions representing workers at the maker of Twinkies, Wonder Bread and Drake’s snacks are arguing against the bonuses. [...]
    Under the plan, bonuses ranging from $7,400 to $130,500 will be paid to 19 executives. The company argues the bonuses are below market rates for such payments.
    Even as it blamed unions for the bankruptcy and the 18,500 job losses that will ensue, Hostess already gave its executives pay raises earlier this year. The salary of the company’s chief executive tripled from $750,000 to roughly $2.5 million, and at least nine other executives received pay raises ranging from $90,000 to $400,000. Those raises came just months after Hostess originally filed for bankruptcy earlier this year.
    Hostess is hardly the only company that has compensated its executives during bankruptcy or times of financial instability. Failed financial firm MF Global gave CEO Jon Corzine an $8 million pay package after it filed for bankruptcy, and Citigroup CEO Vikram Pandit received a $6.7 million pay package when he resigned, despite Citi’s 88 percent profit loss during his final quarter. And Hostess isn’t alone in giving executives massive raises while asking for concessions from union workers either: construction giant Caterpillar rewarded its CEO with a 60 percent pay raise, paying him $17 million, even as it forced a pay and pension freeze on its union workforce.
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  • SpringcurlSpringcurl Posts: 8,002Registered Users
    munchkin wrote: »
    The company told the union they were closing down if they didn't settle by Thursday evening. OK, so now 18,500 employees have no job as opposed to having a job making less. I have been in the same boat. Personally, I would rather have the job even if my pay was less and benefits cut. Where are these people going to find work now? Having been in a union and also having been salaried, this is one of the reasons I am anti union.

    Yeah? Well, I make 32% less than I did 3 years ago because of union concessions. I also lost 8 years of severance pay and 4 weeks of sick time. Yeah, I still have a job, but I have so much resentment it eats at me and makes me hate the place I work. I now have no loyalty to them whatsoever and if I could get out of there I would.
    TWINKLES.gifTWINKLES.gifTWINKLES.gif

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  • RedCatWavesRedCatWaves Posts: 31,258Registered Users
    munchkin wrote: »
    Defined benefit pension plans became pretty much a thing of the past in the late 80's. Many of them were overfunded. Companies distcontinued the pensions, bought annuities for the participating employees, and took the excess cash. They found it cheaper to provide defined contribution plans; i.e., 401(k)'s. Our company did that.

    Those people who have had pension plans for the past 20 years are the minority. It is not new for a company to discontinue the pension plan.

    I never thought of it as necessarily a bad thing. My husband and I came out probably ahead of the game with our 401(k)'s.

    In fact, I think the government should do this to their employees to save money for the taxpayers.



    Overfunded? My fat ass they were overfunded. That's what the bloated CEO's who wanted to make millions instead of hundreds of thousands want you to think.

    I'm glad for you that you've done better with a 401K than with a traditional pension, but that's not the case for millions of Americans. In fact, many respected economists feel that Americans have been SCAMMED with the fees on 401Ks and that converting to private plans was just another way to funnel money to bankers. Most people with 401Ks do not have enough money to retire with...and never will.
  • munchkinmunchkin Posts: 2,909Registered Users
    munchkin wrote: »
    Defined benefit pension plans became pretty much a thing of the past in the late 80's. Many of them were overfunded. Companies distcontinued the pensions, bought annuities for the participating employees, and took the excess cash. They found it cheaper to provide defined contribution plans; i.e., 401(k)'s. Our company did that.

    Those people who have had pension plans for the past 20 years are the minority. It is not new for a company to discontinue the pension plan.

    I never thought of it as necessarily a bad thing. My husband and I came out probably ahead of the game with our 401(k)'s.

    In fact, I think the government should do this to their employees to save money for the taxpayers.



    Overfunded? My fat ass they were overfunded. That's what the bloated CEO's who wanted to make millions instead of hundreds of thousands want you to think.

    I'm glad for you that you've done better with a 401K than with a traditional pension, but that's not the case for millions of Americans. In fact, many respected economists feel that Americans have been SCAMMED with the fees on 401Ks and that converting to private plans was just another way to funnel money to bankers. Most people with 401Ks do not have enough money to retire with...and never will.

    I worked in benefits at the time. The defined benefit plans were in most cases overfunded back then. The stock market was going gung ho. Many many companies discontinued their plans and put the overfunding back into the company; at least that is what ours did. And, no, the excess money did not go into the pockets of the top executives. Our company was a smaller company. Execs got bonuses but nothing that I considered out of line. Annuities from the pension plan were all based on what you individually had in the pension plan at the time. You had your option: an annuity purchased with the company contributions and a cash return of the money you contributed or an annuity purchased with the company and your contributions.
    3b/c
  • wild~hairwild~hair Posts: 9,890Registered Users
    Kind of a side story …

    Before her fairly recent retirement, my mom loved to complain vociferously about the union she was forced to join as a public health nurse working for county government. She saw it as a complete waste of money.

    Fast forward to her retirement, then the Great Recession. All of her friends and family in her age range are panicked about losing their retirement investments. Meanwhile, she's sitting pretty with a nice pension that is well protected.

    She now works part-time, but only so she can afford to get her kitchen remodeled or go on trips. Her ongoing expenses are more than covered and as she puts it, she has more money than she knows what to do with. Meanwhile everyone she knows who's retired like her is having to follow strict budgets and forego vacations.

    She still votes Republican, but she at least has the good sense not to complain vocally about unions anymore. :/ If she did, I or my sisters would totally call her on that **** and she knows it.
  • RedCatWavesRedCatWaves Posts: 31,258Registered Users
    My father was in a union all his working life. He earned a decent living, that enabled him to support his family fairly well for a blue-collar high school grad. Now that he's retired, he has a nice pension from them, and he has full medical benefits that pay for any/everything that Medicare doesn't cover. My parents are sitting very comfortably in their retirement...thanks to unions. But...they still vote Republican. I was so frustrated with them this election season.
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