In a letter to his employees, Gregory F. Rayburn, CEO, Hostess Brands, Inc. says that he has “very disappointing news."
“Hostess Brands must immediately begin to wind down all operations and conduct an orderly sale of all company assets,” he said.
He blames the Bakers Union who “chose to stage a crippling strike.”
The union’s actions forced the company into a “Wind Down scenario.”
“As a result, we are forced to proceed with an orderly wind down and sale of our operations and assets,” he added. “We deeply regret taking this action. But we simply cannot continue to operate without the ability to produce or deliver our products.”
In addition to the fact that all employees will eventually lose their jobs, he explains that, “because we are in bankruptcy, there are severe limits on the assistance the Company can offer you at this time.”
