KOMU Business Update: Hostess Liquidation, Fiscal Cliff Talks
BOONVILLE - Many thought Twinkies could outlast the human race... But hostess filed motion to liquidate Friday, so that theory probably needs some rethinking.
A nationwide strike by Bakery Union workers forced the bankrupt maker of Twinkies and Wonder Bread to lay off 18,500 workers.
This national story hits close to home, as eighty workers at the Hostess bakery in Boonville were told not to go to work Friday. Nearly 6,000 union workers picketed at two thirds of Hostess bakeries across the country but the picket line did not reach Boonville.
Workers there voted against the labor contact that sparked the strike but went to work as usual each day last week. The workers there say they are hoping someone steps in to buy the bakery and offer them employment.
President Barack Obama began talks this week on how to avoid the looming fiscal cliff. He spoke to business leaders at the White House Wednesday and opened negotiations with Congressional leaders Friday.
Spending cuts and raising taxes have been contentious issues, but both sides appeared willing to give ground. Congressional leaders expressed optimism they could reach a deal before Christmas.
That's good news for Wall Street, as the question marks that surround the Fiscal Cliff have hit the markets hard in recent weeks.
KOMU 8's Katie Brennan will have more on how a conclusion on the Fiscal Cliff could affect Missouri in next week's Business Update.