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"Hostess, the iconic 82-year-old business famous for its generation-defining treats like Twinkies, Ding Dongs and Ho Hos, is going out of business after filing Chapter 11 for the second time in the last several years. Hostess Brands, Inc. announced Friday that it had filed a motion in bankruptcy court. The brand seeks permission to close plants and sell its assets. In the meantime, bakery operations are suspended, but deliveries will continue and stores will sell the sweet products that have already been received. The reason for the decision is most likely a result of thousands of workers striking across the country late last week after rejecting a new contract that would cut wages and benefits. Hostess has been struggling to pay rising labor costs for the last few years, culminating in a recent move to stop contributing to the workers&amp;#039; pensions. Reports are scattered, as some news outlets say that the large strike affected production at 12 of the company&amp;#039;s 33 plants, which usually run their ovens 24 hours a day, while others say over two-thirds of the plants were affected. The strained relationship with workers, as well as overall slipping sales as consumer tastes continue to evolve, all contributed to Hostess&amp;#039;s decision to call it quits. Years of mismanagement have also taken a toll on the famous brand. The company&amp;#039;s selling process will involve over 18,500 worker layoffs, as well as stopping operations at plants, depots, retail outlets and corporate offices, projected to take a year. Any remaining inventory will be sold in bulk to big discount and bulk-item stores. It&amp;#039;s unsure how much each of Hostess&amp;#039;s 30 brands will sell for in auction, but Hostess&amp;#039;s overall yearly revenue totals $2 billion. Hostess will also be selling its recipes at auction, so it&amp;#039;s possible you&amp;#039;ll see your favorite Hostess products on shelves sometime in the future. What do you think about Hostess&amp;#039;s decision to sell? What&amp;#039;s your favorite Hostess treat, and will you miss it? Give us a mouthful below! "^^<http://www.w3.org/2001/XMLSchema#string>
<http://www.womansday.com/life/news/a47498/hostess-brands-to-shut-down-plants-and-liquidate/>