Hostess, the company responsible for manufacturing iconic American products like Twinkies and Wonder Bread, has filed for bankruptcy protection for the third time in a decade.
to the Chicago Tribune, the company couldn’t reach an agreement with its workers regarding pension and health benefits, and combined with “massive debt levels” and “declining financial performance,” was forced to declare Chapter 11 bankruptcy.
Never fear, though — the financial troubles do not mean that you won’t be able to buy Twinkies at your local store. Hostess says it’ll still be baking and delivering its goods as normal throughout the bankruptcy process.
Hostess, based in Irving, Texas, was founded in 1930 and runs 36 bakeries around the country. It previously filed for bankruptcy in 2004.
“We remain hopeful that we can reach an agreement that will allow us to amend our labor contracts so that we can emerge from Chapter 11 as a highly competitive company that provides secure jobs for our employees,” Chief Executive Brian Driscoll said in a statement.