Ding Dong, Hostess is dead. Union president Frank Hurt released a statement explaining why the pastry king had to die. They knew they were ringing the death knell of this company. They even refused to accept phone calls from the CEO over a month ago. Here is an excerpt:
“When a highly respected financial consultant, hired by Hostess, determined earlier this year that the company’s business plan to exit bankruptcy was guaranteed to fail because it left the company with unsustainable debt levels, our members knew that the massive wage and benefit concessions the company was demanding would go straight to Wall Street investors and not back into the company.
“Our members were aware that while the company was descending into bankruptcy and demanding deep concessions, the top 10 executives of the company were rewarding themselves with lavish compensation increases, with the then CEO receiving a 300 percent increase.
“Our members decided they were not going to take any more abuse from a company they have given so much to for so many years. They decided that they were not going to agree to another round of outrageous wage and benefit cuts and give up their pension only to see yet another management team fail and Wall Street vulture capitalists and 'restructuring specialists' walk away with untold millions of dollars.
“Throughout this long and difficult process, BCTGM members showed tremendous courage, solidarity and devotion to principle. They were well aware of the potential consequences of their actions but stood strong for dignity, justice and respect.”
Now, you’re standing in the unemployment line and buying groceries with food stamps. How is that dignity, justice and respect working for you?
Source: http://www.bizjournals.com/dallas/news/2012/11/16/bakers-union-releases-statement-on.html?page=all
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