Fans of Twinkies, Ho Ho's and Ding Dongs, have hope, the iconic brands may live on after Hostess, the maker of those and many other sweat treats, filed for bankruptcy.
Hostess Brands, Inc. will be in bankruptcy court in New York this morning to begin the process of selling itself.
Many Hostess brands are highly valuable, Twinkies alone have brought in $68 million this year.
This value makes it highly likely the money making brands will be bought.
Hostess management has been contributing $100 million per year in pension costs for workers, a new contract would have cut it to $25 million per year, in addition to wage cuts and a 17% reduction in health benefits.
Negotiations between Hostess management and employee unions failed, and the company announced it would close down on Friday.
Analysts predict it will take at least six months to sell the company.