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Report: Hostess Brands prepping bankruptcy
Last emerged in February 2009
Updated: Tuesday, 10 Jan 2012, 6:49 AM EST
Published : Tuesday, 10 Jan 2012, 6:49 AM EST
UNDATED (AP) — There's a report that Hostess Brands, the maker of Wonder Bread and Twinkies, is preparing to refile for Chapter 11 bankruptcy protection just two years after emerging.
A spokesman for the privately held company declined to comment on the Wall Street Journal report.
The newspaper says people familiar with the matter said the company is facing a cash crunch with more than $860 million in debt, high labor expenses and rising ingredient costs.
When the company, then called Interstate Bakeries, filed for bankruptcy protection in 2004, it blamed low sales and high fixed costs. It emerged in February 2009.
Hostess Brands employs about 19,000 workers and operates in 49 states. Annual sales are about $2 billion, according to the company's website.
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