Hostess Brands closed up shop permanently today, forced into bankruptcy and liquidation by a nationwide strike by the Bakers' Union. This will result in the loss of 18,500 full-time jobs.
According to the BBC:
"The union's pension fund is [the firm's] biggest unsecured creditor, and is owed about $944.2m."
No doubt some obscure agency of the federal government will step forward to guarantee the payment of the pension in Bernanke Bucks.
Like Iowahawk tweeted yesterday: "I have to admit that it's exciting to be alive in the golden age of schadenfreude."
ReplyDeleteHa!
ReplyDeleteIt don't git no better'n this!
As much as I enjoy a good bout of schadenfreude at the expense of ideological enemies, Hostess probably wasn't helped out by the fact that no one seems to carry their products.
ReplyDeleteI went to seven different stores looking, and no one had anything from them. So either they sold out immediately, or they've been going away for a long long time.