Say Goodbye to Twinkies

Hostess, the company that makes Twinkies and Wonder Bread, has asked a judge for permission to go out of business and lay off 18,500 employees.

The Texas company, based in Irving, says it doesn't have the finances to weather an extended labor strike by members of the Bakery, Confectionary, Tobacco Workers and Grain Millers International Union.

Union workers at 24 Hostess production facilities across the U.S. have been on strike since last week after rejecting a contract that slashed wages by 8 percent and benefits by 16 percent. The union and workers claim Hostess is making unreasonable demands.

This is the third time in the last ten years that Hostess has filed for bankruptcy. In it's court request, the company is asking to close its 565 distribution centers, 33 bakeries and 570 bakery outlets. Hostess is one of the nation's oldest and largest producers of baked goods.

Founded in 1930, it produces such well-known brands, aside from Twinkies, Ding-Dongs, Ho Ho's, Sno Balls and Wonder Bread.

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