Hostess to end production if strikers don't come back to work today
Hostess Brands says it will go into liquidation unless bakers striking in protest against a new contract imposed in bankruptcy court return to work by the end of Thursday.
"We simply do not have the financial resources to survive an ongoing national strike," Hostess CEO Greg Rayburn said in a statement.
The liquidation would result in Hostess' nearly 18,000 workers losing their jobs; The bakers' union represents around 5,000.
According to the company, some employees who want to go back to work are concerned over a $140 daily fine the union has threatening to impose to those who cross the picket line. Those striking say they will stay on the line regardless.
"We are intent to stay strong. We are no asking for something from the company, we are asking to reinstate our pension p-plan and value plan we are asking no more than that," said Francisco "Poncho" Chaparro, a striking worker.
Hostess says it will file a motion Friday requesting to wind-down the company and sell off all its assets if Thursday's deadline is not met.