Twinkies have been saved!
March 13, 2013 1 Comment
There’s good news for fans of the Twinkie, that iconic golden sponge cake with the creamy filling, last seen flying off of store shelves after its parent company, Hostess Brands, filed for bankruptcy in November, 2012.
Hostess notified the bankruptcy court late Monday that only one qualified bid for its Twinkie brand had been submitted, meaning that the $410 million joint bid on January 30, 2013 from private equity firms Apollo Global Management and Metropoulos & Co. has succeeded in securing the rights to the ever-popular snack cakes.
Five of the closed Hostess bakeries were included in the bid, but whether or not this will add up to good news for any of the 18,500 Hostess employees who lost their jobs due to the company’s closure remains to be seen. Twinkies have not been produced since the company filed with the bankruptcy court after failing to negotiate a labor contract with workers with the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union in November of 2012.
Since January, 2013, Hostess has been auctioning off all its various brands as part of the liquidation process. Flowers Foods’ successful $360 million bid for Wonder Bread and other Hostess bread brands, including Nature’s Pride and Merita, was announced in February, 2013.
A final decision on bids for Hostess’ Drake’s brand, which includes Ring Dings, Yodels and Devil Dogs, is still pending.
However, the successful Twinkies bid means that the little yellow snack cakes may be back on store shelves by the end of the summer, in plenty of time for all those back-to-school lunchboxes.