Hostess, Makers of Twinkies and Wonder Bread, Going Out of Business

Hostess Brands, makers of Twinkies and Wonder Bread, have announced they are going out of business.

According to WNEM, the company is laying off 18,500 workers and will be closing down plants that make the iconic brands.

Hostess had already shut down three plants after a strike by members of its bakery workers' union saying it "crippled" operations. Union workers went on strike on November 9th after a bankruptcy judge in New York imposed contract concessions that 92 percent of the union's workers rejected.

The company filed for Chapter 11 bankruptcy in January listing assets of almost $1 billion while having liabilities of almost $1.5 billion.