Rumor has it that Twinkies have an infinite shelf life*, but unfortunately the maker of the famous snack may not enjoy such longevity.
Hostess Brands Inc, the company that makes Twinkies and Wonder Bread, has filed for Chapter 11 bankruptcy protection, blaming high debt and labor costs:
The privately held Irving, Texas, company's move marks the second significant court restructuring in the past several years. In a statement, Hostess said the current cost structure "is not competitive, primarily due to legacy pension and medical benefit obligations and restrictive work rules." It said it would be able to maintain operations thanks to a $75 million financing commitment from a group of lenders.
In bankruptcy, Hostess said it plans to continue negotiating with 12 unions to modify the collective-bargaining agreements governing the employment of its union workers, who comprise 83% of its approximately 19,000 employees.
* Declared false by Snopes, but we still suspect that you can safely eat a Twinkie much longer than its purported expiration date