The immensely popular Twinkies are set to make their return back to stores in coming weeks or months.
The return back to shelves could come as early as this summer. However, the 18,000 former Hostess employees who were laid off are still unclear of their future with Apollo- Metropoulos, the company that bought the cake business assets from Hostess for $410 million dollars.
Twinkies, Ho Hos and Ding Dongs will all be produced by a company owned by two affiliates of Apollo Global Management LLC and Metropoulos & Company. C. Dean Metropoulos, the current Chief Executive Officer of Metropoulos & Co., will hold the title of CEO for the new company overseeing production.
Hostess has reached five total deals to sell off its assets, totaling $860 million. However, Hostess does still have a debt of more than $1.03 billion. In its last full five years of business, full time Twinkie makers’ salaries dropped from $45,000 per year to $35,000, a 22 percent salary cut. Pre-Bankrupt Hostess relied on unionised workers at its bakeries. However, the Hostess Chief Executive Officer, Gregory Rayburn, tripled his own pay in 2011.
The company declared bankruptcy last fall. That announcement, and the realization that Twinkie production would be halted, opened the floodgates for Twinkie nostalgia.
There were eBay pages dedicated to selling mass quantities of the goodies to eager buyers and homemade Twinkie recipes all over the internet. Many Americans were dissatisfied with the potential loss of one of their favorite cream-filled snacks.
“When I heard Twinkies might be coming back, I got really excited. I was pretty sad that they might have gone away,” sophomore Justin Joss said. Joss is just one of the countless Americans that will be getting their Christmas present a little early this year.
The new owner of the snack has recently said that the Twinkie will be repackaged to fit modern times. Twinkies will be remarketed, with an added retro style. Although factors like high labor costs might have sunk the Hostess ship, the assets of the company along with memories and nostalgia are bringing it back.