No more Twinkies?

[zzontar]

I wonder just how bad those bakers had it that they thought this end result was worth it.

[grammafreddy]

"It's a very sad situation for employees and their families, because the bakers represent only a third of our employee total," said Rayburn. "You're talking 18,500 employees total ...."

18,500 jobs lost because one third of them (the union representing the bakers) went on strike. If I was one of those 2/3, would I ever be majorly choked at those bakers.

[Fancy]

It's not unknown that employees have banded together to take control of a company - they should have got together and thought of their fellow employees they just put out of work.

[xjeepguy]

It's not unknown that employees have banded together to take control of a company - they should have got together and thought of their fellow employees they just put out of work.

Apparently the Teamsters Union had access to their ( Hostess ) books and warned the Bakers Union that this would happen and it wasn't just an idle threat . Not to bright .

[grammafreddy]

What a mess for the other employees - a very bitter pill to swallow since they, too, are union members. Would they have done the same - stayed out on principle - and let the jobs fall because of their actions?

What would our resident unionists do? Anybody?

[GrooveTunes]

What a mess for the other employees - a very bitter pill to swallow since they, too, are union members. Would they have done the same - stayed out on principle - and let the jobs fall because of their actions?

What would our resident unionists do? Anybody?

After reading the real truth behind this, including declining sales and failing to come out with new products that people want, I know what I'd be doing. I would not accept roll backs again because of the bad decisions that management made. These vultures are out to make money off the average workers back and it needs to stop.

http://www.cnbc.com/id/49853653

[xjeepguy]

What a mess for the other employees - a very bitter pill to swallow since they, too, are union members. Would they have done the same - stayed out on principle - and let the jobs fall because of their actions?

What would our resident unionists do? Anybody?

I was a union member for 20+ years and a Rep to boot . Although our Union itself was very big , we consisted of smaller locals and each had our own smaller agreements , we actually worked together with our employer quite well and never had a single strike while I was a member . We did take strike votes but never walked out .

In the Hostess situation , I would have listened to the Teamsters and taken their advice . It sounded like one big monster agreement though for everyone ( not great IMO ) .

[ford150]

Forbes: The Company Exited Bankruptcy In 2009. In July, Forbes reported that "Hostess was able to exit bankruptcy in 2009" because of an "equity infusion of $130 million" from a private equity firm, as well as "substantial concessions by the two big unions" and lenders that "agreed to stay in the game rather than drive Hostess into liquidation." [Forbes, 7/26/12]

Forbes: Hostess Exited Bankruptcy Because Of "Substantial Concessions By The Two Big Unions." Forbes explained that Hostess was able to exit bankruptcy in 2009 for three reasons, including that "substantial concessions" were made "by the two big unions" -- the Teamsters and the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union. Forbes further explained that "annual labor cost savings to the company were about $110 million" and that "thousands of union members lost their jobs." [Forbes, 7/26/12]

Hostess Had Stopped Contributing To Pensions And Wanted To Cut Worker Pay Further. According to The Kansas City Star, union leaders reported that Hostess had stopped contributing to workers' pensions and wanted to cut wages and benefits "by 27 to 32 percent":

"Hostess Brands is making a mockery of the labor relations system that has been in place for nearly 100 years," said Frank Hurt, international president of the union. [The Kansas City Star, 11/12/12]

Hostess Raised Executive Salary By 35% To 80%. According to The Wall Street Journal, in April Hostess' creditors noted that Hostess had dramatically increased executive pay, including increasing CEO compensation from $750,000 to $2.25 million. According to the Journal, Hostess' creditors called the move "a possible effort to 'sidestep' Bankruptcy Code compensation programs": Last July, the court documents said, the compensation committee of Hostess's board approved an increase in then-chief executive Brian Driscoll's salary to $2.55 million from around $750,000. The company had hired restructuring lawyers in March 2011, the creditors said, and filed for bankruptcy protection on Jan. 11.

Besides Mr. Driscoll, "other executives' salaries were increased by from 35% to 80%," the creditors said. The documents said that Mr. Driscoll subsequently renounced a portion of the increase while "other executives did not appear to have done so." Besides Mr. Driscoll, two other executives who saw their salaries increase have also left the company, according to the spokesman.[The Wall Street Journal, 4/4/12]

Wash. Post: January Bankruptcy Filing Shows Hostess "Would Have Lost Money Without Any Pension Costs At All." The Washington Post reported in January that Hostess "lost $250 million in the less than three years since it emerged from its previous bankruptcy. That means it would have lost money without any pension costs at all." The Post noted that Hostess "lost money in 30 of the past 37 quarters." [The Washington Post, 1/11/12]

[xjeepguy]

Hostess Raised Executive Salary By 35% To 80%. According to The Wall Street Journal, in April Hostess' creditors noted that Hostess had dramatically increased executive pay, including increasing CEO compensation from $750,000 to $2.25 million. According to the Journal, Hostess' creditors called the move "a possible effort to 'sidestep' Bankruptcy Code compensation programs": Last July, the court documents said, the compensation committee of Hostess's board approved an increase in then-chief executive Brian Driscoll's salary to $2.55 million from around $750,000. The company had hired restructuring lawyers in March 2011, the creditors said, and filed for bankruptcy protection on Jan. 11.

Besides Mr. Driscoll, "other executives' salaries were increased by from 35% to 80%," the creditors said. The documents said that Mr. Driscoll subsequently renounced a portion of the increase while "other executives did not appear to have done so." Besides Mr. Driscoll, two other executives who saw their salaries increase have also left the company, according to the spokesman.[The Wall Street Journal, 4/4/12]

Sounds like they knew the place was doomed and decided to cash in as best they could . Tacky .

[Gone_Fishin]

Comparing any executive wages to the effect of 18,500 workers' wages is a fool's game at best. What you're not evaluating is the reward that an executive may have received for actions that saved the company multi-millions, or brought in much more in income. People just aren't privy to executive compensation plans and so often make snap judgments as a result. That's the problem when so many rely on union propoganda rather than factual analysis of the company's financial statements and strategic plans, which, unfortunately, is so far beyond the comprehension of your average union bear.

[GrooveTunes]

Hostess Raised Executive Salary By 35% To 80%. According to The Wall Street Journal, in April Hostess' creditors noted that Hostess had dramatically increased executive pay, including increasing CEO compensation from $750,000 to $2.25 million. According to the Journal, Hostess' creditors called the move "a possible effort to 'sidestep' Bankruptcy Code compensation programs": Last July, the court documents said, the compensation committee of Hostess's board approved an increase in then-chief executive Brian Driscoll's salary to $2.55 million from around $750,000. The company had hired restructuring lawyers in March 2011, the creditors said, and filed for bankruptcy protection on Jan. 11.

Besides Mr. Driscoll, "other executives' salaries were increased by from 35% to 80%," the creditors said. The documents said that Mr. Driscoll subsequently renounced a portion of the increase while "other executives did not appear to have done so." Besides Mr. Driscoll, two other executives who saw their salaries increase have also left the company, according to the spokesman.[The Wall Street Journal, 4/4/12]

Sounds like they knew the place was doomed and decided to cash in as best they could . Tacky .

Yes it's very typical these day to blame the workers and union while lining your own pockets at the top.

[process99]

All toothless eaters rejoice.
It would appear there are several unnamed companies that are setting up to take on the twinkie and the ho ho and the dingdongs as they are actually some of their (Hostess) top sellers.
As the prices started to rise, imagine 60 bux a box for 12 twinks it was leaked that these companies are working on a buy/take/make plan for the top of the line hostess products.
So I guess this means we shall have something similar if not exactly the same as the former Hostess products soon, just made somewhere else by someone else. It was also said the names will remain the same for marketing reasons and they are working out the details with the former Hostess producers and suppliers.
I can't believe someone actually thought they would get 60 bux a box for twinkies. Thats borderline crazy and for the most part if you want one that bad you can make your own very easy and they would be almost the same. The primary difference is yours won't last 4000 years and be packed in nitrogen filled plastic bags. ewwwwwww.

I don't personally care for the twinks but the old Ding Dongs wrapped in real foil and chilled in a freezer for about an hour are sure a nice treat when one has a sweet tooth on a hot day..
I may have to go buy 2 or 3 just in case they don't make the deal and start producing them again to say at least I got to eat one of the last fresh ones before the end came.
I might even buy a box of the yellows if I can find one however it appears there are power buyers out there stripping stores bare by 9 am in the morning so I may not find any full boxes anywhere. I know a little store that has singles and as of 4 pm they still had quite a few Hostess products left in singes at single prices.
Its kinda sad as I remember the Ding Dongs from my childhood in my christmas stocking. That was some 40 years ago, what a shame it all came to an end because of , once again money, greeed, and stupidity. This seems to be the common end to alot of good things these days. Hopefully before everything goes this way people will wake up and appreciate what they have and stop with the consumer gotta have mentality and move to a more frugal thought out lifestyle.
You Don't need the newest everything once a week, you don't need a job that pays 400k per year.
You need a job that feeds you, covers your head, and keeps the lights on, everything else is just greed and sillyness and it must stop. One should not allow this mentality to propagate for much longer or things will become very unkind to all of us as this trend continues.
NOw wheres my Ding DONG?, Damn did I just say that? ;)

P99

[xjeepguy]

All toothless eaters rejoice.
It would appear there are several unnamed companies that are setting up to take on the twinkie and the ho ho and the dingdongs as they are actually some of their (Hostess) top sellers.
As the prices started to rise, imagine 60 bux a box for 12 twinks it was leaked that these companies are working on a buy/take/make plan for the top of the line hostess products.
So I guess this means we shall have something similar if not exactly the same as the former Hostess products soon, just made somewhere else by someone else. It was also said the names will remain the same for marketing reasons and they are working out the details with the former Hostess producers and suppliers.
I can't believe someone actually thought they would get 60 bux a box for twinkies. Thats borderline crazy and for the most part if you want one that bad you can make your own very easy and they would be almost the same. The primary difference is yours won't last 4000 years and be packed in nitrogen filled plastic bags. ewwwwwww.

I don't personally care for the twinks but the old Ding Dongs wrapped in real foil and chilled in a freezer for about an hour are sure a nice treat when one has a sweet tooth on a hot day..
I may have to go buy 2 or 3 just in case they don't make the deal and start producing them again to say at least I got to eat one of the last fresh ones before the end came.
I might even buy a box of the yellows if I can find one however it appears there are power buyers out there stripping stores bare by 9 am in the morning so I may not find any full boxes anywhere. I know a little store that has singles and as of 4 pm they still had quite a few Hostess products left in singes at single prices.
Its kinda sad as I remember the Ding Dongs from my childhood in my christmas stocking. That was some 40 years ago, what a shame it all came to an end because of , once again money, greeed, and stupidity. This seems to be the common end to alot of good things these days. Hopefully before everything goes this way people will wake up and appreciate what they have and stop with the consumer gotta have mentality and move to a more frugal thought out lifestyle.
You Don't need the newest everything once a week, you don't need a job that pays 400k per year.
You need a job that feeds you, covers your head, and keeps the lights on, everything else is just greed and sillyness and it must stop. One should not allow this mentality to propagate for much longer or things will become very unkind to all of us as this trend continues.
NOw wheres my Ding DONG?, Damn did I just say that? ;)

P99

I dont think any Twinkies or Ding Dongs were effected here by any of what went on in the US . I'm sure some companies will take over and re-hire the staff at half their wages and no pension.

[GrooveTunes]

Written by Richard Trumka for the Daily Kos

This is the new American story, but someone finally stood up and said, “Stop!”

Pundits should be applauding the Bakery Workers of Hostess Brands for standing up to Wall Street interests and standing for decent working standards and the middle class.

The truth is that the Bain-style vulture capitalists invested in Hostess to profit not by making quality products, but by bleeding the company of every dollar before discarding it.

They’re doing it because they can, because that’s what Wall Street speculators do when they get their hands into a company’s till.

And today, the millionaires are walking away, with an added twist. They’re blaming the bakers and others who faithfully made the iconic Twinkies and other Hostess goods for decades—not for untold riches but for a decent paycheck and good benefits.

Not even a week before Thanksgiving, not even two weeks after the American electorate rejected this winner-take-all-view of the world, more than 18,500 working people face the prospect of looking for work in a still-dismal economy.

This is a story America has heard too many times.

Wall Street investors first came onto the scene with Hostess about a decade ago, purchasing the company and then loading it with debt.

All the while, its executives talked of investments in new equipment, new research and new delivery trucks, but those improvements never materialized.

Instead, the executives planned to give themselves bonuses and demanded pay cuts and benefit cuts from the workers, who haven’t had a raise in eight years.

In 2011, Hostess earned profits of more than $2.5 billion but ended the year with a loss of $341 million as it struggled to pay the interest on $1 billion in debt. This year, the company sought bankruptcy protection, the second time in eight years.

Still, the CEO who brought on the latest bankruptcy got a raise while Hostess demanded that its workers accept a 30 percent pay and benefits cut.

The workers at Hostess want the company to survive and prosper. Of course they do. And they’ve proved their willingness to make sacrifices to enable Hostess to thrive. Just three years ago, the workers accepted wage and benefit cuts that saved the company a reported $110 million every year. Where did the money go?

It’s heart-breaking to think of each of those workers in cities and towns all across America who have seen their jobs vanish. But as painful as it is, it’s heartening to know these brave workers stood up against the greed and destruction of Wall Street.

It’s incredible.

The unified Bakery Workers rejected the last cruel deal from executives by a vote of 92 percent. They chose to raise their heads with pride, as well they should.

One way or another, working people in America have to stop this race to the bottom.

This Thanksgiving, I’ll be giving thanks to the Bakery Workers for taking a stand. Together, we will make America work for regular working people again.

[Roadster]

Why oh why would they stop production of Twinkies the same time pot is legalized anyway?