Twinkies maker Hostess plans closure
NOT INTERESTED IN BREAD
Hostess blamed heavy debt and burdensome wage and pension obligations for its financial woes. It said a strike by members of the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (BCTGM), which began Nov. 9, was part of a long series of battles between labor and management that contributed to the company's inability to restructure its finances and produce and deliver products at several facilities.
But union officials and line workers said union workers had already agreed to a series of concessions over the years and the company had failed to invest in brand marketing and modernization of plants and trucks and had focused instead on enriching owners such as private equity firm Ripplewood Holdings and hedge funds Silver Point Capital and Monarch Alternative Capital.
Officials at the three firms declined to comment.
Our members decided... they were not going to agree to another round of outrageous wage and benefit cuts and give up their pension only to see yet another management team fail and Wall Street vulture capitalists and 'restructuring specialists' walk away with untold millions of dollars, said BCTGM International Union President Frank Hurt.
Picketing workers echoed the sentiment.
The people who are running this company are not interested in making bread, said Roger Harrison, 56, who
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