Chapter 11 for Hostess

| 1/11/2012

The company that makes Twinkies and Wonder Bread has filed for bankruptcy for the second time in five years. Hostess will continue operating its 36 bakeries and more than 500 distribution centers while it tries to restructure its finances.

Hostess says it filed for protection from its creditors because of debt, declining sales of some products, and the high cost of pensions and medical plans for its mostly union employees. Hostess has about 7,500 Teamster truck drivers and thousands of other workers who are represented by other unions.

Hostess was in bankruptcy from 2004 until 2009 and, at the time, cited many of the same reasons.