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RIP Twinkies: Hostess About To File For Bankruptcy, Again
By
Jamie Feldmar
Published Jan 10, 2012
Modified Jan 10, 2012
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By
Jamie Feldmar
Published Jan 10, 2012
Modified Jan 10, 2012
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Even though we knew it was coming, the news that junk food overlords Hostess Brands are going under is still kind of a bummer. Where else will we get our indestructible desserts now?
The company is preparing to file for bankruptcy protection—for the second time since 2009—in what's known as a Chapter 22 filing (you know, Chapter 11 times two). They're more than $860 million in debt, and owe over $50 million to vendors, all at a time where Twinkie sales have been down and customers are moving away from Wonder white bread and more toward healthy whole grains. Is no PB&J safe?
Slate notes that the last time Hostess went bankrupt, the amusingly-named Mexican bakery conglomerate Grupo Bimbo wanted to buy them out and failed, so it's possible they'll try again this time. "Tragically," notes the blog, "the linguistic issues continue to make it unlikely that we'll see Pan Bimbo branded as such outside niche marketplaces."
Tagged
bankrupt
chapter 22
hostess
twinkie
Jamie Feldmar
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