Thread: Economics Strikes dont always work.
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Old 11-16-2012, 10:19 PM   #149
HolyHandgernade HolyHandgernade is offline
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Once again, its blame American Workers time, unions are the bogey man. Maybe, for just a bit more perspective:

Since 2002 Hostess has hired 6 CEOs and none were able to turn the company around.

Hostess began closing plants in 2003.

In 2004, after failed restructuring, Hostess filed for bankruptcy. The BCTGM (that's the union in question here) agreed to wage and benefit concessions saving the company a reported 110 million. Money that was never reinvested into the company.

In 2009, emerging from bankruptcy, Hostess is controlled by a private equity firm and two hedge funds. Company's debts grow while sales decrease. Hmmm, anybody remember the Kaybee Toys saga?

In 2011 company is floundering and blames unions demanding concessions again. Workers refuse. Why would you give again to a company that didn't reinvest the first time around and now using "equity" strategies to benefit the executives?

2012 Hostess files for bankruptcy, demands huge givebacks and stops paying pension obligations. Union files complaint with NLRB. BCTGM goes on strike. Hostess announces liquidation.

Like you guys said, its all American workers' fault. Bad management had nothing to do with this.
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