Hostess Brands said it would seek this week to liquidate the company unless enough workers stopped striking by the end of the workday today to allow the maker of Wonder bread and Twinkies to resume normal operations.
Members of the Bakery, Confectionery, Tobacco Workers and Grain Millers union went on strike Nov. 9 in response to court-approved pay cuts. The company, which has about 18,000 employees, filed for Chapter 11 bankruptcy in January.
Hostess said it would file a motion with US Bankruptcy Court in White Plains, NY, tomorrow to close shop and sell its assets if enough employees do not return to work by 5 p.m. today. If the motion is granted, Hostess would begin to close its operations as soon as Nov. 20.
Hostess Chief Executive Gregory Rayburn said the company did not have the financial wherewithal to weather an ongoing strike. A union spokesman was not immediately available for comment.