NEW YORK (Reuters) – Hostess Brands Inc won permission from a U.S. bankruptcy judge on Wednesday to begin shutting down and expressed optimism it will find new homes for many of its iconic brands, which include Twinkies, Drake’s cakes and Wonder Bread.
U.S. Bankruptcy Judge Robert Drain in White Plains, New York, authorized current management, led by restructuring specialist Gregory Rayburn, to immediately begin efforts to wind down the 82-year-old company, a process expected to take one year.
/NEW YORK, Nov 21 (Reuters) – Enough is
enough, say bakery workers at Hostess Brands Inc.
After several years of costly concessions, the Bakery,
Confectionery, Tobacco and Grain Millers Union (BCTGM)
authorized a walk-out earlier this month after Hostess received
bankruptcy court approval to implement a wage cut that was not
included in its contract.
NEW YORK (Reuters) – Hostess Brands Inc on Wednesday appeared headed toward a liquidation, though its lawyers and advisers expressed optimism that they will find new homes for many of its iconic brands, which include Twinkies, Drake’s cakes and Wonder Bread.
U.S. Bankruptcy Judge Robert Drain in White Plains, New York, held a hearing to consider initial approval of the 82-year-old company’s plan to wind down over the next year.
WHITE PLAINS, New York (Reuters) – Hostess Brands Inc agreed in court on Monday to enter private mediation with its lenders and leaders of a striking union to try to avert the liquidation of the maker of Twinkies snack cakes and Wonder Bread.
Hostess, its lenders and the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (BCTGM) agreed to mediation at the urging of Bankruptcy Judge Robert Drain of the Southern District of New York, who advised against a more expensive, public hearing regarding the company’s liquidation.
(Reuters) – Tyson Foods Inc (TSN.N: Quote, Profile, Research, Stock Buzz) posted higher-than-expected quarterly earnings and gave an upbeat forecast on Monday as the nation’s largest meat company adds more higher-priced prepared foods to its portfolio.
Shares of Tyson rose nearly 9 percent in morning trade.
The worst U.S. drought in more than half a century earlier this year made animal feed more expensive, leading meat producers to reduce the size of some of their herds.
(Reuters) – McDonald’s Corp (MCD.N: Quote, Profile, Research, Stock Buzz) is replacing the president of its U.S. business a week after it reported disappointing global restaurant sales amid a loss of customers to rival fast-food chains like Burger King and Taco Bell.
The company said on Thursday that Jan Fields, 57, who has been with the company for more than 35 years and drove the expansion of its McCafe drink menu, will be succeeded by Jeff Stratton, currently global chief restaurant officer. The change is effective December 1, McDonald’s said.
(Reuters) – Starbucks Corp (SBUX.O: Quote, Profile, Research, Stock Buzz) on Wednesday announced plans to buy Teavana Holdings Inc (TEA.N: Quote, Profile, Research, Stock Buzz) for $620 million in cash, with the goal of replicating the success it has had with its namesake coffee shops.
Teavana has about 300 shopping mall stores that sell loose-leaf, exotic teas. In addition to opening stand-alone Teavana stores in the United States and abroad, Starbucks will add tea bars that serve prepared drinks in existing Teavana stores, Starbucks Chief Executive Howard Schultz told Reuters.
Nov 14 (Reuters) – Diamond Foods Inc on Wednesday
restated financial results for fiscal years 2010 and 2011
erasing $56.5 million in profit, and it posted a net loss for
the first three quarters of 2012, after an accounting scandal
hurt its ability to do business.
Shares of the maker of Emerald snack nuts, Kettle Chips and
Pop Secret popcorn fell more than 17 percent in after-hours
trading following the long-awaited report.
(Reuters) – Starbucks Corp (SBUX.O: Quote, Profile, Research, Stock Buzz) plans to acquire tea store operator Teavana Holdings Inc (TEA.N: Quote, Profile, Research, Stock Buzz) for $620 million in cash, furthering its push beyond its flagship coffee business.
Starbucks, the world’s largest coffee shop operator, said it will pay $15.50 per share in cash for Teavana, a 54 percent premium to the company’s closing price on the New York Stock Exchange on Tuesday.
MIAMI, Nov 14 (Reuters) – SABMiller Plc is brewing
strong growth in pockets of Latin America with non-alcoholic
malt drinks that expand the beer maker’s target audience beyond
adults and mark baby steps into a soft drink market dominated by
Coca-Cola and PepsiCo.
Malt drinks, which look like cola but have a strong bready
character, have been popular in Colombia and Venezuela for ages,
but are catching on quickly in other Latin American markets,
even as consumer spending is crimped in some markets by economic