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.
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-- Written by Brittany Umar.