Hostess brands to be sold; Twinkies could be back by summer
Great news, everybody. A federal bankruptcy judge has approved the sale of the rights to Hostess Brands, the creator of everyone’s favorite indestructible snack cakes and glowingly white bread. Last November, the company (which was formerly based in Kansas City) went out of business after failing to reach a labor agreement with its bakers’ union. The shutdown led to runs on baked goods at Hostess surplus stores around the nation, including here.
The Times reports that on Tuesday, judge Robert D. Drain gave the stamp of approval to a deal that will give control of Hostess’ snack cake brands – including Twinkies and Ho Hos – to the investment company Apollo Global Management and Metropoulos & Co. for $410 million. Flowers Foods snapped up Wonder Bread and other bread brands for $360 million, and Mexico’s Groupo Bimbo nabbed Beefsteak bread for $31.9.
