ABC News is reporting: "Hostess Brands announced Friday it is beginning to close down operations and has filed a motion with the U.S. Bankruptcy Court seeking permission to shut its business and sell its assets, including its iconic brands and facilities."
The news outlet says: "Bakery operations have been suspended at all plants. Delivery of products will continue and Hostess Brands retail stores will remain open for several days in order to sell already-baked products."
"The Board of Directors authorized the wind down of Hostess Brands to preserve and maximize the value of the estate after one of the company's largest unions, the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union, initiated a nationwide strike that Hostess says crippled the company's ability to produce and deliver products at multiple facilities," ABC News reports.
For more on this story click the ABC News story here.
"On Monday, Hostess Brands permanently closed three plants as a result of the work stoppage. On Wednesday, the company announced it would be forced to liquidate if sufficient employees did not return to work to restore normal operations by 4 p.m.," CST, ABC News said.