Flowers Foods Makes Bid for Several Hostess Bread Brands
NEW YORK (AP) -
Wonder bread is one step closer to getting a new owner.
A person familiar with the situation who requested anonymity because the auction process is private says there will be no competing offers Thursday to a bid by Flowers Foods to buy several bread brands from Hostess.
The $360 million bid by Flowers also includes Nature's Pride, Butternut, Home Pride and Merita breads. An auction will still be held for a separate $30 million bid by Flowers for Beefsteak. Any sales require approval by a bankruptcy court.
Flowers Foods, based in Thomasville, Ga., makes Tastykakes and bread brands including Nature's Own and Cobblestone Mill. Hostess is also holding separate auctions for its snack cakes, which include Twinkies.
Hostess said late last year it would go out of business. Protests spread to Tulsa when the company gave employees new contracts that cut pay, raised insurance rates, and shrunk pensions. At least 100 Hostess workers were affected in Tulsa.
The union representing workers says it as given deep concessions for years and that Hostess's demise was the result of years of mismanagement.
The shut-down signals an end to iconic snacks like Twinkies and Ding Dongs for now. QuikTrip spokesman Mike Thornbrugh said QuikTrip is sad to no longer be able to carry the Hostess products in the future but anticipates another business will likely buy the popular snacks.
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