Tagged: Twinkies

Updated 2:26 p.m.

Hostess is moving ahead with plans to sell its Twinkies and other snack cakes to two investment firms after no other competitive offers were made.

The announcement from Hostess that it would be shutting down three of its bakeries (St. Louis, Seattle and Cincinnati) and then, shutting down as a company entirely, evoked a "Twinkie panic."

A bankruptcy judge in New York has ordered Hostess Brands Incorporated back into mediation with its second-largest union, meaning for the time being the maker of Twinkies, Ding Dongs and Wonder Bread will not shut down.

The company had begun the process of liquidating its assets following a Nov. 9 strike by its bakers' union.   The Hostess plant in St. Louis employed 360 people before it was closed last week.

Dave Douglas has worked for the company for 28 years and says he can’t afford to give up any more in wage and benefits to keep the job.