If it liquidated they could if they bought what they need from the bankruptcy trustee to reopen, but I doubt the employees have the money. When that has happened in the US, it usually was when there was a large multi-generation pension plan that bought the company's stock out.
EDIT: It is done.
Hostess, maker of Twinkies and Ding Dongs, says closing business - Business on NBCNews.com
In a statement, Hostess said its bakery operations have been suspended at all plants and that it would lay off most of its 18,500 workers to focus on selling its assets. It said it has filed a motion with the U.S. Bankruptcy Court seeking permission to close its business and sell its assets, including 33 bakeries and 565 distribution centers.
The company said it would continue to deliver products and its stores would remain open for several days to sell already-baked products.
"The Board of Directors authorized the wind down of Hostess Brands to preserve and maximize the value of the estate after one of the company's largest unions, the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (BCTGM), initiated a nationwide strike that crippled the company's ability to produce and deliver products at multiple facilities," Hostess said in the statement.