Last Chance to Save Twinkies
Hostess is working on a deal with Teamsters union to save the brand from bankruptcy
Despite Wendy Williams' quest to save the Twinkies, we had long since given up on keeping the classic treat alive. Still, it seems that Hostess, which filed for bankruptcy at the beginning of this year, is holding on.
New York Post reports that Hostess' creditors are working with the Teamsters union to figure out a deal to keep the company from shutting down.
The current deal, which has yet to be voted on, calls for a 5 percent wage cut for the first year for all workers, along with health care cuts and lower pension contributions.
Furthermore, Hostess would sell smaller brands, like Merita Bread.
However, the company would keep most of the multi-employer pension plans, which is good news for the union, and they would still get to actually have a job. So, no real news; the Twinkies' existence is still in limbo, Hostess is still working hard, and future Wall-E's cockroaches are still safe. As you were.