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Thread: Hostess threatens to lay off 18,000 employees unless strike ends[W:521]

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    Re: Hostess threatens to lay off 18,000 employees unless strike ends[W:521]

    Quote Originally Posted by iguanaman View Post
    The 8% pay cut that was offered by Silver Point Capital was too much for the membership to stomach.
    Yeah? Well their option appears to have been unemployment, which I understand to be about a 100% pay cut.

    Well, actually, what % of their pay will they keep in the unemployment benefits that we will now be paying them for two years?

    They voted overwhelmingly against it. Unions are people, please at least try to remember that.
    Oh I do. You just seem to think that when groups of "people" make a decision, that they are necessarily making a wise or a good one. This has not been my experience with groups of "people."

    There may be a glitch in Silver point's plan though. A bankruptcy judge will need to approve any liquidation. I hope those books are gone over with a fine tooth comb.

    Meanwhile peruse their website, They are a " registered investment adviser focused on credit and special situations investments."

    https://www.silverpointcapital.com/
    [/quote]

    Good for them. I am sorry that the Bakers Union was more stubborn than the Teamsters, and got all the Teamsters fired, as well as losing their investment. I wish them greater success in the future, and they will probably avoid trying to help unionized firms because of this.


    Unions have become their own worst enemy in this country. When you kill off the host, you die too.

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    Re: Hostess threatens to lay off 18,000 employees unless strike ends[W:521]

    Quote Originally Posted by LaMidRighter View Post
    That's one I don't get, Texas is a right to work state iirc. The only thing I can figure is that they wanted to shorten distribution routes and traded that off against labor costs. However liquidation and the desired union contract could change that for any company that buys the brand.
    Bimbo seems to do fine with the unions

    http://www.teamsters439.com/2011Cont...boBakeries.pdf

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    Re: Hostess threatens to lay off 18,000 employees unless strike ends[W:521]

    Quote Originally Posted by LaMidRighter View Post
    That's one I don't get, Texas is a right to work state iirc. The only thing I can figure is that they wanted to shorten distribution routes and traded that off against labor costs. However liquidation and the desired union contract could change that for any company that buys the brand.
    Hostess will just sell the brand name and their "secret mixes" to go along with the name and the company that buys the brand will have the authority to do whatever they want with what they purchased.

    Remember that the brand name is part of the liquidation process.

    To make a weird analogy - An individual who buys a car from another individual doesn't have to take that car to the same mechanic. New owner, new mechanic.

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    Re: Hostess threatens to lay off 18,000 employees unless strike ends[W:521]

    Quote Originally Posted by winston53660 View Post
    Neither of those articles list a dozen unions. You made the claim now what are they?

    BTW from the CNBC article:

    Corporate missteps include "years of underinvestment in products, facilities and equipment, long-term neglect of once-dominant brands and hollowing-out of a distribution system that once provided a competitive advantage," wrote Henry Wilson, a financial executive who analyzed Hostess for a provisional labor management committee created by the company and the Teamsters union.

    Wilson's conclusions, filed with the bankruptcy court in March, also cited failure to develop newer, higher-growth products, an overly compliant corporate board and a "grossly overleveraged" debt structure with Wall Street lenders that was imposed during the company's prior bankruptcy.
    I hope you feel better soon, Winston. There's something definitely wrong with you.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Hostess threatens to lay off 18,000 employees unless strike ends[W:521]

    Quote Originally Posted by MaggieD View Post
    I hope you feel better soon, Winston. There's something definitely wrong with you.
    Because I don't blame the unions for Hostess' downfall?

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    Re: Hostess threatens to lay off 18,000 employees unless strike ends[W:521]

    Quote Originally Posted by winston53660 View Post
    Because I don't blame the unions for Hostess' downfall?
    Is THAT what this is all about?? (What are you doing up?)

    If you read my earlier posts, you would see that I blamed piss-poor company management and a complete loss of trust for part of this strike and the position Hostess finds itself in today. What are employees supposed to think when the company collects pension contributions from the employees and never puts that money into their pension fund?? (It is my understanding that the bankruptcy judge ruled that money doesn't have to be paid back either.) What should they think when they've been paying $10/week out of their checks to the company to help them out, and STILL the company goes into bankruptcy??

    But that's neither here nor there. I think the union made a poor decision and foisted that on the employees. What sense does it make to just walk away without a job around the holidays when one could simply accept the contract (the alternative being NO JOB) and then find a NEW and BETTER job at their leisure after the first of the year? It makes absolutely no business sense at all.

    If today's negotiations weren't productive (which it doesn't sound like they were), these people are on the street. The odds of many of them getting new jobs until January are slim to none, in my opinion. Companies just aren't hiring this time of year for anything other than part-time holiday stuff.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Hostess threatens to lay off 18,000 employees unless strike ends[W:521]

    I don't know how, I don't know why, but somehow, this is all Obama's fault.


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    Re: Hostess threatens to lay off 18,000 employees unless strike ends[W:521]

    Quote Originally Posted by MaggieD View Post
    Hey, Winston. I did support it. That's a credible link. If you want to parse it and infer that it means something other than what it says? That's on you, buddy.

    Just admit you didn't read the article all the way to the end and be done with it. Or. Prove that link wrong.
    The number that matters is of the 18000 employees, 5000 are in the Baker's Union. That means 13,000 aren't. And we know the Teamsters took the deal.

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    Re: Hostess threatens to lay off 18,000 employees unless strike ends[W:521]

    Quote Originally Posted by winston53660 View Post
    Why would anyone want an investment that company that is worth more in parts than its whole?
    Quote Originally Posted by winston53660 View Post
    Bimbo seems to do fine with the unions

    http://www.teamsters439.com/2011Cont...boBakeries.pdf
    Eh, then that's fine. If they have a mutual agreement and don't mind good for them.
    Neither side in an argument can find the truth when both make an absolute claim on it.

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    Re: Hostess threatens to lay off 18,000 employees unless strike ends[W:521]

    Quote Originally Posted by Mr.Nick View Post
    Hostess will just sell the brand name and their "secret mixes" to go along with the name and the company that buys the brand will have the authority to do whatever they want with what they purchased.

    Remember that the brand name is part of the liquidation process.

    To make a weird analogy - An individual who buys a car from another individual doesn't have to take that car to the same mechanic. New owner, new mechanic.
    Yep, restructuring voids all liabilities. Hopefully the new company can get into a position of profitability, but it's not stopping people from whining about the "poor union workers" who wouldn't even budge to save their jobs. I'm not exactly shedding tears over this.
    Neither side in an argument can find the truth when both make an absolute claim on it.

    LMR

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