Report: Hostess Brands prepping for bankruptcy
Posted: 01/10/2012
There's a report that Hostess Brands, the maker of Wonder Bread and Twinkies, is preparing to refile for Chapter 11 bankruptcy protection just two years after emerging.
A spokesman for the privately held company declined to comment on the Wall Street Journal report.
The newspaper says people familiar with the matter said the company is facing a cash crunch with more than $860 million in debt, high labor expenses and rising ingredient costs.
When the company, then called Interstate Bakeries, filed for bankruptcy protection in 2004, it blamed low sales and high fixed costs. It emerged in February 2009.
Hostess Brands employs about 19,000 workers and operates in 49 states. Annual sales are about $2 billion, according to the company's website.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
PRINT
Business News
-
With great power comes great perks
Take a look at what companies spent in 2012 on CEOs' country club and business club memberships, private jet travel and home security.
-
Mattress shop features Cleveland hybrid
Levin Furniture opens its second mattress store in northeast Ohio on Monday.
-
Goodyear's new Ohio HQs: huddle rooms
-
More trouble for Browns owner Haslam
-
Haslam admits 250 trucking firms shorted
-
Roofers put to test in 'fast' contest
-
Giant Eagle doubling fuelperks thru 5/29
Money News
-
Which sunscreens work best?
Consumer Reports tested a dozen sunscreens both lotions and sprays and finds there is no guarantee you are getting the level of protection listed on the label.
-
Ohio couple surrounded by ODOT project
-
WAYS TO SAVE: Memorial Day deals
-
Engagement ring glows when fiance near
-
Kmart unleashes another near-profane ad
