Yup. The parent company of PBR likes to buy and turn around struggling brands.
Hostess might be making a comeback. Heard it on the news this morning. Suckers that were buying up all the stock :rofl
Surprised this was as big of a deal as it was, soon as I hear it I was like WTF but I mean really, who’s going to allow Twinkies to die? Figured at somepoint someone was going to buy the Twinkie name, wasnt expecting PBR though :rofl
Looks like Judge ruled against the exec bonuses…
(Reuters) – Hostess Brands Inc, the maker of the iconic Twinkies snack cake, will square off in a bankruptcy court on Monday against an agent of the U.S. Justice Department, who says the wind-down plan is too generous to management.
The U.S. Trustee, an agent of the U.S. Department of Justice who oversees bankruptcy cases, said in court documents it is opposed to the wind-down plan because Hostess plans improper bonuses to company insiders.
The 82-year-old Hostess wants permission to pay senior management a bonus of up to 75 percent of their annual pay so they will stay on and help wind-down the business.
i bet tax payers money bails them out
Highly doubt it. The bail out would’ve happened already, not after they laid off 18,500 people.
HOSTESS TOO BIG TO FAIL!!!
seriously wow.
PBR might work since you wont gain weight eating Twinkies if youre shitting and puking them up from drinking PBR
What gets me is the union employees that went on strike and put them under expect someone to buy up the company and hire them all back.
Looks like they’re done for good and a lot of people are going to be out on their ass before Christmas.
About 15,000 of the company’s current 18,500 employees will likely be terminated in the coming days. The company said in court it needs about 3,200 employees to stay on for various periods of time to wind down the company.
what I don’t understand is how no paycheck is better than a smaller one? Ok your not happy with the pay so look for another job while your still working.
Couldn’t be said better.
I stopped reading at page 1 but I’de like to respond to everyone talking about the wages of factory workers.
Somone mentioned that a factory workers average pay is 20 dollars an hour. Call me insensative but to me, that sounds more than reasonable for an unskilled labor position.(not saying they arent good at their job, or that its easy)
I think the main problem, I hate to beat a dead horse, is the federal government. It used to be that factory workers could work at said factory, buy a home, have a couple kids and they could support them and be happy. They would not be rich but they could get by, work some overtime and save some money to help with their kids school ect. Now, taxes on EVERYONE are so absurd, and you are taxed so many times on the same money that of course people cant make a living.
This inablilty to survive on what I would call reasonable wages for unskilled labor then leads to Unions pushing for higher and higher wages to the point where companies have to succumb to these raises even knowing it will lead to some, or in this case everyone losing their job when the company goes belly up. In addition this is EXACTLY why this whole idea of taxing the higher income people, corporations MORE has a negative effect and people just don’t get it. You tax lower class people (which I’m not in favor of) you’ll get a group of lower class people who may be out a couple grand per year, they will struggle just a little bit more per year. You increase tax on a business who is already struggling against a union, wages, benefits, absurd gov’t regulations and procedures, ect…and you get a group of lower class people who, now instead of making a couple grand less per year, make 0 per year because the business is broke. IE hostess, a huge company, nationally sold…poof gone
That makes no sense to you I’m sure, but I jus woke up after a midnight shift and it looks good to me
EDIT: Keep in mind that these factory workers are probaby the LOWEST paid enployees, and they are also the highest in number and therefor have the greatest effect on the business.
If 35% is “absurd” than our Federal Government hasn’t been able to get it right and allow economy to grow in since 1920’s…
http://shift518.com/showthread.php?t=32219
:dunno
Regardless of that, was the strike stupid? Yeah, they didn’t accomplish anything.
Did it really matter that they striked? No the company was going under and planning closing many warehouses already, which makes the strike even more pointless, hard to bargain against a dying company.
As the national appetite for junk food waned, the company fell on hard times, struggling against rising labor and commodity costs. In 2004, it filed for bankruptcy for the first time.
But the new private equity backers loaded the company with debt, making it difficult to invest in new equipment. Earlier this year, Hostess had more than $860 million of debt.
The labor costs, too, proved insurmountable, a situation that has been complicated by years of deal-making. The bulk of the work force belongs to 12 unions, including the International Brotherhood of Teamsters and the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union.
The combination of debt and labor costs has hurt profits. The company posted revenue of $2.5 billion in the fiscal year 2012, the last available data. But it reported a net loss of $1.1 billion, largely from bankruptcy costs.
With profits eroding, the company filed for Chapter 11 in January. It originally hoped to reorganize its finances, seeking lower labor costs, including an immediate 8 percent pay cut.
http://dealbook.nytimes.com/2012/11/16/hostess-brands-says-it-will-liquidate/
Hard to stay in business when you’re debts and bills are more than your profits… :skid
Way to include the entire picture Vlad, that’s just one angle(just the highest payers) on one tax(just income tax) from just one source(just the federal government). What percentage of your income do you think top earners should be paying Vlad?
This shows the percentage of GDP that the federal, state and local governments have been taking.
This is also a good one showing what type of taxes they are
Fixed that for you.
Nobody brought up top earners but you, which doesn’t matter anyway as the majority of their profits are capital gains are taxed in the teens, and there are write offs and loopholes left and right if there is an actual income.
Getting offtopic regardless.
A man is saying Federal Government taxing is “absurd” and facts show that the top rate on the highest earners from the fed on income tax is some of the lowest it’s been in the last 80 years, which is a moot point anyway.
Who cares? This is how liberals argue. So if its lower than its BEEN it means i can’t say its too high? No, just because its lower doesn’t mean its good. If you incorporate new regulations, procedures, ect. that these companies pay I am willing to bet they put out much more in operation costs than before too.
I brought up top earners because I’m making a point that because corporations (i know theyre the devil) are under attack from so many sides it especially in this type of industry it makes it difficult to stay in business. Isnt this thread about a business going under and losing thousands of jobs? So its totally relevant.
PS: Just because you can go to google and type something in search doesn’t make you smart. None of your arguments are ever based on any internal thought process or logic. You eat the shit you read online and then puke it back up. Get a fucking opinion.
we need to get rid of this socialist system like tax payers paying for the military, police, fire, and infrastructure projects and workers dammit!
Well someone deleted my post.
You did when you linked the picture of the top earners possible income taxation, which is not very relevant to the cost of running a business, and in all actuality not very relevant to anything whatsoever.