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Hostess to liquidate assets, CEOs not Union to blame

CEOs awarded raises as high as 300 percent after filing for bankruptcy; from $750,000 to $2,000,000

Senior Reporter

Published: Saturday, November 17, 2012

Updated: Saturday, November 17, 2012 12:11

Hostess to liquidate assets, CEOs not Union to blame

Hostess' CEOs awarded raises as high as 300 percent after filing for bankruptcy; one increase from approximately $750,000 to $2,550,000.

Storified by McKinzie Brocail · Sat, Nov 17 2012 09:07:10

While many are blaming unions for Hostess Brand's closing, the CEOs' may be the ones to blame.
My heart breaks for thee #TwinkieTaminator
CEO's at Hostess Twinkie Raised their own pay by 88% during bankruptcy? #Twinkie #HoHo #Wonderbread Make your Own.Politicolnews
Hostess blames union for bankruptcy after tripling CEO’s pay
According to Think Progress, "BCTGM members are well aware that as the company was preparing to file for bankruptcy earlier this year, the then CEO of Hostess was awarded a 300 percent raise (from approximately $750,000 to $2,550,000) and at least nine other top executives of the company received massive pay raises. One such executive received a pay increase from $500,000 to $900,000 and another received one taking his salary from $375,000 to $656,256."
#Hostess is such a piece of sh*t company.  Workers went on strike for higher wages and benefits and what do they do?  #ShutDown and #Liquidate the whole company!  So now everyone is out of a #job and #twinkies are no more. #GarbageFood #GarbageExecutives #Unemployed #FactoryWorkersMichael Hopkins
"Today is a sad day in America, and not just because of the demise of a brand that has produced iconic, well-loved treats and goods for generations, but because of the scapegoating taking place by corporate executives who are blaming brave union workers for the company’s collapse rather than taking responsibility themselves. It is years of poor management – not the reasonable demands to improve working conditions of the BCTGM – that led to the company’s demise," National Consumers League Executive Director Sally Greenberg said.
@NancyWonderful: HOSTESS.....CEO gave himself a $3.5 mil golden parachute when he resigned and they’re blaming bankruptcy on ‘greedy unions’Henry Monette
"What a terrible time of year to take away the livelihood of 18,500 workers and the dozens of communities with factories that will be shuttered. Today’s announcement is a sad commentary on corporate America. The Hostess Brand’s executives put profits before people, paying large bonuses to executives while forcing the workers to give up benefits and pensions, once again putting Wall Street investors and themselves before the interests of the workers who build the brand," Greenberg said.
Prices are skyrocketing on Ebay for Twinkies and other Hostess products.
#Hostess to close, lay off 18,500 after 'crippling' union fight #TwinkiesFox News
ebay twinkiesmckinziealexis

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