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Hostess’ advisers will soon begin to shut down the company’s 33 bakeries and 565 distribution centers, headquarted in Irving, TX. The vast majority of its 18,300 employees will be laid off, according to the company.

As part of the liquidation process, Hostess is also moving to sell off its iconic portfolio of treats. Such brands often find a second home after bankruptcy, often with companies specializing in intellectual property.

source: CBSNews

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