Hostess Brands Inc. got final approval for its wind-down plans in bankruptcy court Thursday, setting the stage for its iconic snack cakes to find a second life with new owners — even as 18,000 jobs will be wiped out.
The company said in court that it’s in talks with 110 potential buyers for its brands, which include CupCakes, Ding Dongs and Ho Hos. The suitors include at least five national retailers such as supermarkets, a financial adviser for Hostess said. The process has been “so fast and furious” Hostess wasn’t able to make its planned calls to potential buyers, said Joshua Scherer of Perella Weinberg Partners.
“Not only are these buyers serious, but they are expecting to spend substantial sums,” he said, noting that six of them had hired investment banks to help in the process.
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2 comments:
Sounds like it will be a lively auction! I hope it goes to a non union company and they make a lot of money. Twinkies will become popular again for a while!
These union a$$****S think that some company is going to buy twinkies and put them back to work.
The fact is that some company is going to buy the trademark and brand and start production back up where unions are nowhere to be found.
Serves these union idiots right!
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