Hostess to close

The company behind Wonder Bread and Twinkies is set to close down, following a failed attempt to cut the wages and benefits of its bakery workers, the New York Times reports.
The company announced on Friday that it is asking a federal court for permission to close operations. If Hostess closes, nearly 18,500 workers will lose their jobs, CNN reports.
Hostess will likely sell their assets, which would mean that some of their products could continue to be produced.
A baker's strike has prompted the closing of the iconic company. Hostess had given the baker's union a deadline of 5 p.m. on Thursday to return to work or face a shutdown of the company, CNN reported.
A new contract which would have cut the worker's wages and benefits was rejected by the union in September.