Source: James O’Toole / CNN Money
NEW YORK – Hostess Brands said Wednesday that 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 the day 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.
The union did not immediately respond to a request for comment Wednesday, but has called the concessions demanded in the new contract “outrageous.”
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