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Hostess Brands, the maker of Twinkies, Ding Dongs, Ho Hos and other iconic treats, said it would provide one-time $1,250 bonuses to 1,036 hourly employees "following the recently enacted tax legislation."
The bonuses come in the form of $750 in cash and a $500 401k contribution.
Hostess also said it would select a "product of the week" and provide a multi-pack to every employee every week for one year.
On "The Five" on Thursday, Greg Gutfeld pointed out that Hostess was in financial trouble under former President Barack Obama, but the corporate tax cut has given the company a new opportunity to achieve success and share that success with employees.
They lost their Pensions under Obama's policies. Thanks for posting that.
Thankfully Obama and the Anti-American Democrat's war on the middle class is over with.
(acting like Nancy Pelosi won't do you any favors)
Private pensions are guaranteed by the Pension Benefit Guarantee Corp. No one lost their pension. Some received a reduced benefit which is common when a multi-employer pension plan fails.
The parent company, Hostess, employed 8000+ when it filed Chapter 11, citing trends towards more healthy snacks led to reduced sales. Reality is that its business model was obsolete,old equipment/bakeries, unionized workers with relatively high wages, good benefits and pensions. It's was and remains a common story and has nothing to do with who sits the oval.
Chapter 11 is often all about renegotiating pension obligations. Hostess could fold and stick the PBGC with the entire pension obligation or find a buyer to assume most legacy pension obligations and negotiate multi employer obligations. Puts PBGC between rock and hard place.
Hostess assets were eventually acquired by a private equity firm that closed the doors. Twinkies were no more.
The private equity firm borrowed money to pay themselves, investors, invest in automation and reopened under new management. It employs about 1000 who earn about half of what former employees used to make. 401K replaced pensions for the new workers. I am sure they appreciate the one-time bonus, contribution to their 401K and a free box of Twinkies.
Since the late 70's, technology substitution has and will continue to eliminate more jobs than offshoring has/will.
Hostess is one of the largest purveyors of foods that make Americans so obese. Shame on anyone who works for them or buys their products.
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