From Huff Po: NEW YORK -- The future of Twinkies is virtually assured.
Hostess Brands Inc. said Thursday that it's in talks with 110 potential buyers for its iconic brands, which also include CupCakes, Ding Dongs and Ho Hos. The suitors now include at least five national retailers such as supermarkets, a financial adviser for the company said in bankruptcy court. The process has been "so fast and furious" Hostess hasn't been able to make the calls seeking buyers it previously intended, said Joshua Scherer of Perella Weinberg Partners.
"Not only are these buyers serious, but they are expecting to spend substantial sums," he said.
The judge approved Hostess' bonus plan, according to a tweet from CNBC:
BREAKING: Judge approves Hostess bonus payout plan; 19 Hostess senior executives in line for up to $1.8M in bonuses
The update on the sale of the company's brands comes as Hostess seeks approval in U.S. Bankruptcy Court in the Southern District of New York in White Plains, N.Y. to give its top executives bonuses totaling up to $1.8 million as part of its wind-down plans. The company says the incentive pay is needed to retain the 19 corporate officers and "high-level managers" during the liquidation process, which could take about a year.
Two of those executives would be eligible for additional rewards depending on how efficiently they carry out the liquidation. The bonuses would be in addition to their regular pay. A spokesman for Hostess noted executives will need to meet certain goals to get the bonuses.
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Corporate Douchiness: 19 Hostess Executives Collecting Million Dollar Bonuses
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The company says the incentive pay is needed to retain the 19 corporate officers and "high-level managers" during the liquidation process, which could take about a year
Wait... what?! The executives need an incentive to stay on with the company to the bitter end?
How about taking $1M from each of their bonuses and distributing it among the loyal employees, who are getting the real shaft here...
My father had actually worked for Hostess for about 10 years when I was young, and they shat on him by cutting his hours down to part time. He quit then and there.
Posted by: NetStormer | Friday, November 30, 2012 at 06:31 AM
"Oh thank God! The CEOs and executives get to keep their jobs!" said no one ever. What about all the other lower level workers who worked for years with the company? Let me guess; they can come back, but for lower pay and less hours.
Posted by: jealoussin | Friday, November 30, 2012 at 07:41 AM
Why do they get bonuses. If the enterprise went in bankruptcy the executives messed up their job.
Posted by: CharlieWhiskyMike | Friday, November 30, 2012 at 11:34 AM
Did no one stop to think that these bonuses may be the reason the company's going under?
Posted by: Mollywobbles | Saturday, December 01, 2012 at 05:15 PM
Standard union busting tactics. I guess when you can bribe all the politicians and judges you get the 1.8 million in perks. Notice they said nothing of bonuses handed out before this started or what those execs were earning before the bonuses. I guarantee it's way more than 1.8 million.
Posted by: Skittles | Sunday, December 02, 2012 at 02:03 AM