Future of Hostess still uncertain

By WEEK Producer

Future of Hostess still uncertain

November 15, 2012 Updated Oct 26, 2013 at 1:35 AM CDT

PEORIA, Ill. -- At this hour, the future of the hostess brand is still up in the air.

On Wednesday, the company's CEO gave striking workers an ultimatum to either go back to work by 5 p.m. eastern time or he would be forced to liquidate the company.

After nearly a week, Hostess CEO Greg Rayburn says the company does not have the financial resources to survive this ongoing national strike.

The walkout began Friday at 23 Hostess locations after the company imposed a contract that would cut wages and benefits.

Union employees say they have made numerous concessions since 2004 as the company has gone in and out of bankruptcy.

Workers we talked with say they are standing up for what they believe in and are ready to face the consequences.

Hostess employs about 18,000 workers nationwide.

The company owns the brands Hostess, Wonder Bread, Nature's Pride, Dolly Madison, Butternut, Home Pride, Drake's and Merita.

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