According to unnamed sources speaking to the Wall Street Journal, Hostess Brands Inc., maker of such foods as Twinkies and Wonder Bread, is preparing to file paperwork for Chapter 11 bankruptcy protection.
The Irving, Texas, company employs about 19,000 people and carries over $860 million in debt, according to the report. The filing comes in the wake of increasing costs for labor and commodities such as flour and sugar.
According to a recent article in the Bangor Daily News, Interstate Brands, under which Hostess does business, faces proposed fines of $104,700 by the Occupational Safety and Health Administration for alleged workplace safety violations at its Biddeford bakery.
To see the full Wall Street Journal article, visit http://online.wsj.com/article/SB10001424052970204124204577151211961572458.html.