The Hostess corporation has been making crappy, bad-for-you snack food since 1930, and after 81 years they’re going under? I’m ashamed to admit that I’ve been eating those rotgut chocolate cupcakes (my favorite are the kind with the chocolate icing on top of the vanilla-biege cake) since I was eight years old, and I can’t be the only one who succumbs. Wonder Bread is a joke, but people are still eating it.
“On January 10, 2012 Hostess Brands filed For Chapter 11 Bankruptcy for the second time. In a statement during its filing the company said it “is not competitive, primarily due to legacy pension and medical benefit obligations and restrictive work rules.” The company said it employs 19,000 people and carries more than $860 million in debt. The company said it would continue to operate with $75 million debtor-in-possession financing from Monarch Alternative Capital, Silver Point Capital and other investors.”