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Hostess Company Killed By Unions

November 17, 2012

Unions Kill An American Classic — And 18,500 of Their Own Jobs

At the Wall Street Journal, “The Twinkie, a Suicide“:
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Hostess’s owners have decided to liquidate rather than ride out a nationwide strike by one of the largest of its dozen unions, the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union. The Texas-based company owned by the private-equity shop Ripplewood Holdings and other hedge funds essentially gave up. On Friday it shut down its 33 bakeries and 565 distribution centers and prepared to fire nearly 18,500 employees en masse and auction off its brand and recipe portfolio.

Hostess posted sales of $2.5 billion in 2011 but lost $341 million and lacked the cash flow to hold out through the bakers union work stoppage that had only lost a few days of production so far. One reason is a labor-rule burden that by comparison makes Detroit look like Hong Kong.

The snack giant endured $52 million in workers’ comp claims in 2011, according to its bankruptcy filing this January. Hostess’s 372 collective-bargaining agreements required the company to maintain 80 different health and benefit plans, 40 pension plans and mandated a $31 million increase in wages and health care and other benefits for 2012.

Union work rules usually required cake and bread products to be delivered to a single retail location using two separate trucks. Drivers weren’t allowed to load their own vehicles, and the workers who loaded bread weren’t allowed to load cake. On most delivery routes, another “pull up” employee moved products from back rooms to shelves.

This year management negotiated concessions from some of the unions, including the Teamsters, but the bakers rejected a last and best offer in September. Then the courts gave Hostess unilateral authority to modify collective-bargaining contracts, prompting the strike. So now it will liquidate, instead of attempting to emerge from Chapter 11 intact.

The 18,500 layoffs are equal to about 11% of the net new jobs the entire U.S. economy created in October. The unions are blaming private equity, or Bain Capital, or capitalism, but the election is over. And so is Hostess.

From American Power Blog: http://americanpowerblog.blogspot.com/

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Your Superior
November 29, 2012 at 11:34 am

You’re clearly an idiot. Stop posting on-line until after you go get a formal education, read a few thousand books (your bible doesn’t count), learn how to do math, study/understand tax law, learn about micro/macro-economics, memorize and comprehend recent American History (better make it World History), and realize that your ‘religion’ is one of the newest on the Earth, literally being made of all the other religions that came before it. Also, with your clear lack of empathy toward other people, you should also delve into philosophy… That’s free thinking without invoking your spoooooky ghost “god.”

Corporations are not here for us to serve them. They will all be just fine if they’d pay their employees decent wages and stop cutting benefits to reward their executives with massive bonuses. If you still don’t get it, go read about “trickle-down economics,” “Reaganomics,” and “top-down economics.” Just like saying tax breaks will get businesses to create jobs, all of these programs are the same idea and were proposed by various presidents throughout the 1900′s.

By the way… Did you even know that the books which make up the bible have been carefully selected to weed out most of the more confusing/conflicting/inconvenient parts? There *used* to be dozens of other gospels… Then did you also know that of those select few books chosen, these were translated incorrectly, changed, edited, translated again and again (poorly), then shoe-horned into the King James Version?? (after many more edits, of course) Yeah, I figured you didn’t know that. Go obtain some knowledge before you try to lead the blind around with your deaf and blind self.

Me Again
November 29, 2012 at 11:39 am

Omfg… So you stole this story from the Wall Street Journal, who entitled it: “The Twinkie, a Suicide“

Of course, your dumbass renamed it “Hostess Company Killed By Unions” despite it being all Hostess’ choice to liquidate. Believe me, the owners won’t be hurting. The recipe for Twinkies alone could go for several millions. What’s hilarious is that your beloved financial experts on Wall Street consider it a *SUICIDE* BY HOSTESS COMPANY.

You are such a dumbass.

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