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Hostess Brands, the company behind Twinkies, Wonder Bread and Devil Dogs, has said Friday that it plans to completely shut down operations following a crippling nationwide strike by employees.
The decision will result in 18,500 workers losing their jobs and the closure of 33 bakeries and 55 distribution centers across the country, notes CNN Money.
“We deeply regret the necessity of today's decision, but we do not have the financial resources to weather an extended nationwide strike,” CEO Gregory Rayburn said in a statement.
Hostess also announced the news on Facebook, thanking fans for their loyalty over the years.
The company had given its employees a 5pm deadline Thursday to return to work, otherwise the company would have to shut down permanently.
The strikes began after the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union rejected a September contract offer that would have cut wages and benefits, notes The AP. They had rejected the deal, even though Hostess’ other union, International Brotherhood of Teamsters, had accepted it.
Hostess has struggled throughout the past few years and filed for bankruptcy again this January. Several investment firms now control the company, including Silver Point Capital and Monarch Alternative Capital.
While the company may no longer exist, Hostess plans on holding auctions for its most iconic names, including Twinkies, Ding Dongs, Ho Hos and Sno Balls. The company began in the 1930s.
image: Hostess' Facebook page