They're mad as hell and they're not going to take it....
Hostess to close, lay off 18,500 after 'crippling' union fight
The privately-held company had reached a deal with the Teamsters, but a smaller union representing bakery workers refused to agree to concessions
BCTGM President Frank Hurt said Thursday that the crisis was the "result of nearly a decade of financial and operational mismanagement" and charged management was scapegoating workers to allow the Wall Street investors who own Hostess to sell.
Marty Zimmerman, secretary-treasurer for BCTGM Local 85, told Fox40 from a Sacramento picket line early Friday that workers had been at "wits end" with Hostess brass.
"Well, the mindset is we're standing strong, absolutely," Zimmerman told the station. "I mean, they've taken our pensions away, we've had seven CEOs in the last 10 years; this company has been so mismanaged. Really, we're at our wits end and enough is enough"
Because the company is privately held, its financials were not available. But has struggled for several years, with some blaming America's increasing appetite for healthier fare. The company sought concessions from employees
"These losses and other factors, including increased vendor payment terms contraction, have resulted in a significant weakening of the debtors' cash position and, if continued, would soon result in the debtors completely running out of cash," the filing read.
Privately held?....by a bunch of losers...blame the other guy for our failures.....Let's see some numbers.
Was this reply helpful? (0) (1)