The report of the demise of that golden sponge cake with the creamy filling may have been premature. Twinkies and their Hostess snack brethren could be back by as soon as this summer. Two private equity firms have bought the iconic brands for $410 million, CNN reports.
There were no other qualified bids for the bankrupt company's brands, so the $410 million offer won by default, with no further approval of the court required.
Anthony Michael Sabino, a business school professor at St. John's University, told CNN, “The good news is a significant amount of money to pay Hostess' creditors. The great news, Twinkies have been saved!”
Twinkies, Sno Balls, Ho Hos, Ding Dongs and other Hostess goodies have not been produced since November, when the company filed with bankruptcy court to liquidate its business following a strike by the Bakery Workers union.
Hostess remains out of business. It has been auctioning off its brands as part of the liquidation process. Metropoulos & Co., one of the firms buying Twinkies et al, is good at turning around financially troubled food brands. Its food company holdings include Pabst Blue Ribbon beer, and in the past have included Chef Boyardee canned pasta, Bumble Bee seafood, PAM cooking spray and Gulden's Mustard, all of which it eventually sold to ConAgra Foods Inc.
Just in case you forgot while Twinkies were off the shelves: A single Twinkie contains 2.5 grams of saturated fat, representing 13% of the recommended daily intake of saturated fat based on a 2,000-calorie-a-day diet. One snack cake is 42% sugar, 21% complex carbohydrates and 11% fat by weight.
The resurrection is great news for those desperate individuals who were spending $30 for a Twinkies 10-pack on EBay.
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