Say goodbye to Twinkies

DesertKajun said
How so, is having no job really better then taking a pay cut until the company can try to get back on its feet. I would expect deeper pay cuts for executives as well though. But again 8% less is better then 100% less. And taxpayers should pay no unemployment for a voluntary choice to stop working.

As I alluded to earlier -- maybe they looked at the pay rates of bakers working for Hostess' competitors, and determined that htey would be better off if Hostess folded and then worked for the competitors who will expand to fill the void left by Hostess.

Or maybe they just overplayed their hand.