Hostess said it would file a motion with the U.S. Bankruptcy Court to shut down and sell assets if not enough employees to allow the company to resume operations appear by 5 p.m. EST Thursday. Hostess CEO Gregory Rayburn said in a statement that the company does "not have the financial resources to survive an ongoing national strike."
Hostess filed for Chapter 11 bankruptcy in January. The Twinkie-maker's operations could begin shutting down as soon as Nov. 20 if the court grants the motion. Liquidation of the company would result in the loss of 18,000 jobs.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move.
-- Written by Brittany Umar.
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