November 21, 2012
Updated Nov 21, 2012 at 8:30 PM CDT
NEW YORK, NY -- Hostess has received court approval to continue with it's bankruptcy proceedings.
Wednesday, a bankruptcy judge approved the company's request to close its plants and sell its assets.
The approval comes one day after the bakery and leaders with the Bakery, Confectionery, Tobacco and Grain Millers Union were unable to reach a contract agreement.
Hostess says that it intends to keep approximately 3200 of its 18,000 employees to assist with the initial phase of the wind down. In total, 33 bakeries, 565 distribution centers, approximately 5,500 delivery routes and 570 bakery outlet stores will be closed.
Founded in 1930, Hostess Products include iconic brands such as Twinkies, Wonder, and Merita.
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