He previously wrote for the Los Angeles Business Journal, where he covered banking, manufacturing and other industries, and for daily newspapers in Southern California and rural Michigan. He was raised in St. Stocks close higher, but indexes still end week in the red. Real Estate.
Amenities go wild at luxe apartments: Music studios, rooftop dog parks, bed making by app. All Sections. About Us. B2B Publishing. The company could have even kept the iconic Twinkie, which still has its fans, if it had added more nutritional products. Cardello is a former marketing director at Coca-Cola, where he worked when the company introduced Diet Coke in , so he knows of what he writes. That meme stems from private equity firm Ripplewood Holdings taking control of Hostess as it came out of bankruptcy in But Sorkin maintains that Ripplewood has not been a Bain-style manager, operating with the primary objective of scoring profits.
Instead Ripplewood was founded by a big Democratic donor, Timothy Collins, who was trying to invest in heavily unionized, troubled companies with the objective of turning them around. The bottom line, he says, is that Ripplewood is a huge loser here, instead of walking away with big profits. But I have to interject that Bain has made some bad deals too.
As sales declined and new products flopped, Ripplewood put more money in, as did Silver Point and Monarch, before and after the January bankruptcy filing. But then CEO Brian Driscoll abruptly quit and relations between union and management deteriorated further. With its investment under water, Ripplewood ceased negotiating with the unions, which left workers to deal with the hedge funds. The sweet snack that packs a pop View Product.
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A letter that Hostess sent to its network of stores that carry its product said it expects "there will be great interest in our brands. But even if those brands are bought and restarted, the Hostess workers will not get their jobs back. Related: Hostess workers face tough job market. Hostess filed for bankruptcy in January, its second trip to bankruptcy court since It previously emerged from restructuring in after a four-and-a-half year process. The company is now controlled by a group of investment firms, including hedge funds Silver Point Capital and Monarch Alternative Capital.
Frank Hurt, president of the bakers' union, called the liquidation "a deep disappointment" but said his members weren't the ones responsible, blaming the various management teams in place at Hostess over the past eight years for failing to turn the firm around.
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