Hostess Brands Inc. announced yesterday that it would move to liquidate its iconic baking business if striking union members did not return to work by this evening, the Wall Street Journal reported today. The company, which was on the cusp of moving forward with a reorganization plan when work stoppages hamstrung about two-thirds of its 36 plants, said that it cannot continue operating unless members of the Bakery, Confectionary, Tobacco Workers and Grain Millers Union return to work. The union launched the strikes last Friday in protest of a fresh labor deal, featuring deep cuts to wages and benefits, that Hostess implemented during its bankruptcy.
