Hostess Seeks to Shut Down Operations

Hostess Seeks to Shut Down Operations

November 16, 2012 Updated Nov 16, 2012 at 11:38 AM CDT

Hostess Brands has officially announced that it is asking a federal bankruptcy court for permission to close its operations, according to a report from Granite Broadcasting sister station CINewsNow.com in Peoria, Ill.

According to the report from CINewsNow.com:

Last Friday, workers at 23 plants took to the streets on strike after an overwhelming majority voted down what they call 'an unacceptable contract' that would again cut their pay and benefits.

Wednesday, Hostess CEO Greg Rayburn told striking employees that if they did not return to work by 5 p.m. Thursday he would be forced to liquidate the company.