Hostess Brands Inc. will proceed with a plan to go out of business after the maker of Twinkie snack cakes said that last-minute talks with striking workers broke down yesterday, Reuters reported. Hostess and its striking bakers union were pressed by Bankruptcy Judge Robert Drain into mediation to try to end the walkout and save the company and its 18,500 jobs. Hostess, which also makes Wonder Bread and Drake's cakes, will ask Judge Drain to approve a plan to begin a piece-meal lidquidation of the 82-year-old company. It has said that its operations were crippled by the bakers' strike and that winding down is the best way to preserve its dwindling cash.
