Hostess, Maker Of Twinkies, To Close

Hostess Brands Inc. says it’s going out of business after striking workers across the country crippled its ability to make its Twinkies, Ding Dongs, Wonder Bread and other snacks.

The company had warned employees that it would file a motion with U.S. Bankruptcy Court today seeking permission to shutter its operations and sell assets if plants didn’t resume normal operations by a Thursday evening deadline.

The closing would mean the loss of about 18,500 jobs.

“Many people have worked incredibly long and hard to keep this from happening, but now Hostess Brands has no other alternative than to begin the process of winding down and preparing for the sale of our iconic brands,” CEO Gregory Rayburn said in a letter to employees posted on the company website.

Read more:  http://readingeagle.com/article.aspx?id=428558

America’s Disappearing Restaurant Chains

There is a school of thought that says the restaurant business is always a good business because people need to eat. A glance at the sales of many of America’s largest restaurant chains over the past decade quickly dispels that myth.

Using data provided by food industry research firm Technomic, 24/7 Wall St. has looked at the 10 restaurant chains with the greatest decline is sales from 2001 to 2010. In every case, sales have fallen 60% or more…

To find out who the 10 chains are, click here: http://money.msn.com/business-news/latest.aspx?post=3b851ddb-d3b2-4867-92a3-07abc068523b

Borders Going Out Of Business!!!!

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The long decline of bookseller Borders Group is finally coming to an end.  It was announced Monday, July 18th, that the chain’s remaining 400 stores will all close and nearly 11,000 employees will lose their jobs.

The sale of Borders to Najafi Companies fell through after creditors objected to part of the $435 million deal.  Books-A-Million, the nation’s third-largest book retailer, may be interested in purchasing a few of the locations (30).

Borders was the second-largest bookstore chain in the U.S.