date:Nov 20, 2012
ce and focus on selling its assets to the highest bidders, Rayburn added.
Hostess Brands, which has been affected by increasing debts, soaring labour costs and the changing tastes of consumers, filed for bankruptcy in January 2012 for the second time in its history, declaring assets of $982m and debt of $1.43bn.
Following this, the company management proposed the changes to lower wages, citing that the business was unprofitable under its current cost structure.
This was meant to attract new c