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Old Sep 20, 2013, 06:38 PM
Retired for now
Bonita Springs,Fl.
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The thing with Hostess was that not only did the factory workers lose but all the distributors and their employees, all the guys who drive the trucks to deliver the bread and the Twinkies and all the stores that sold the product also lost. I never worked for Hostess in my life but it all effected me too as I went to the Walgreens across the street from where I live and couldn't get a loaf of bread. Had to drive three miles to Publix where they have their own bread in stock to get it. The union members lost big time on this decision.Pete
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Old Sep 20, 2013, 06:56 PM
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Xiaoshan, China
Joined Jun 2006
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Bit more complicated than that, folks, but you've got at least part of the story right. You certainly can't leave out management & hedge fund's crippling debt that contributed to their demise combined with lack of innovation in a changing market.

It's quotes like these that should make one shake their head when believing its all the union's fault.

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I wonder when the media will start reporting that while Hostess was trying to cut bakers pay by 8% & benefits by 32% the CEO gave himself a 300% pay raise (750,000-2,550,000), 9 executives received 60% to over 100% in pay raises WHILE filing their 2nd bankruptcy. Meanwhile they stopped paying into the employees pension owing more than $160,000,000. But yea lets blame the 18,000 workers making less than $20 an hour for Hostess' closing.
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Hostess mysteriously tripled the pay of their CEO just months before asking union members to take a pay cut to “save the company.” One could understand how union members found it hard to believe the company was strapped for cash after raising the CEO’s salary from approximately $750,000 to $2,555,000. Nine other executives at the company also received massive pay raises earlier this year, which now appear to be part of a “golden parachute” package. Other CEO's, like the head of American Airlines, freezed or reduced their pay over the past four years when they asked unions to make similar sacrifices.

It is also worth remembering that Hostess executive agreed to pay the labor unions their high wages and generous pensions in an earlier contract. Much like NHL owners, the Hostess executives were trying to take back an earlier contractual promise made to the union.
Quote:
In addition to decreasing demand, Hostess has also struggled because it was burdened with over $860 million in debt with just $1 billion in assets.
http://www.globalpost.com/dispatch/n...uptcy-twinkies

http://business.time.com/2012/11/19/...at-has-changed

http://www.examiner.com/article/the-...-went-bankrupt

http://www.voxxi.com/hedge-funds-hos...ruptcy-unions/
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Old Sep 20, 2013, 08:03 PM
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Ahhhh Yes! It's the American way of business. So how come if the government shuts down in a couple of weeks that congress still gets paid and nobody else does? Is that fair? Can you go on strike for that? No way. But we keep sending the same idiots back to Dc to do the same old job in the same old way. Nothing gets fixed and the working man gets poorer and the congressmen get richer. What will you do about that? And don't tell me it's not the same thing because it is. pete
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Old Sep 20, 2013, 09:06 PM
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And now back to our regular scheduled programing.
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Old Sep 20, 2013, 11:20 PM
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Amen!
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Old Sep 21, 2013, 08:45 AM
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Western N.Y. winemaking country
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Quote:
Originally Posted by norgale View Post
Nothing gets fixed and the working man gets poorer and the congressmen get richer.
Easy answer: kick them all out next election---.
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Old Sep 21, 2013, 08:55 AM
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My sentiments exactly. However we have to get the people to vote. We have extended voting days, we have absentee ballots that anybody can call up and get and still only 35% of the registered voters bother to vote. What a crying shame on us. 35% of the people tell the other 65% how they are going to live. Just unbelievable to me. Pete
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Old Sep 21, 2013, 02:32 PM
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United States, CA, Garden Grove
Joined Oct 2000
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I'm just glad that Hostess-like chocolate cupcakes are back, never cared for Twinkies. As a ten year old, I used to save my pennies to buy Hostess Cupcakes 64 years ago.
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Old Sep 24, 2013, 12:25 AM
Age quod agis
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Joined Sep 2007
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I just had one of the new Twinkies with a glass of milk. Not bad. It has been so long since I had one that I have nothing to compare the taste to. I think I will put a box or two in the emergency disaster food supply box.
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Old Sep 24, 2013, 09:28 AM
Boats on the brain!!
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Arnold, Mo.
Joined Jul 2005
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I just tried one of thier Donettes....... Yuk, yuk, yuk, bleh.....

Nothing like I remember.
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