. >>> news of that decision to close the hostess company start a stampede for twinkies, hoho send andostess products. >> the last twinkie on the shelf tonight at hostest bakery outlet in burbank. shelves picked clean in a sugar rush. she hasn't had her first twinkie. hoping to get one before they're gone. >> get a big delight in every bite of hostess twinkies. >> 82 years of sugary treats, the famous product, in chicago. >> been coming to the store, since a kid. like these snacks i love them. >> to night customers prepare for what may beat end of the road. >> bought 22 boxes of hostess products. so, we should not run out. >> products popped up on e-bay with prices as high as $1,500. in the south, calls came in early this morning. >> 8:00, doors opened. guests coming in asking for hostess twinkies. specifically. >> margaret, sought out wonder bread and biscuit mix tonight. >> had to rush over. wanted to make sure i got some stuff. >> customers grabbing their last bites of the spongy snack and thinking of thousand. >> bad time of the season. before the holidays. lost my job. i know what

with hostess tasting is believing. >> that is a classic hostess twinkies commercial from the 1970's, pany was riding high in the saddle. the company filed for bankruptcy this month and wants the winddown of that bankruptcy is over all hostess employees are going to be let go, it's likely. some in the media of course are vilifying the bakers union for the company's demise. many said if the union had not struck and rather had agreed to steeper concession that the company would still be in business. our next guest said the real villain here is the bakery workers. coming to us tonight from berkeley is university of california professor harley shaken who specializes in labor issues. glad to welcome you inside the war room. >> very glad to be here. >> let's talk about this hostess thing. there was a disagreement between two of the hostess unions, the bakers and the teamsters, one wanted to take the deal, the other did not. many in the media are blaming this for the bankruptcy. do you think that's fair? >> i don't. i think it really misses the target of what's going on here. this is really a

hostess is a part of it hostess and kids they go together ♪ . >> fresh whole some hostess cupcakes, fruit pies, golden twinkiesh cream filling. >> it is the end of the road for hostess, the maker of twinkies, ding dongs and wonder bread warned employees it would shut down the company if they did not call off a strike by yesterday evening that. deadline passed without a deal. fox 5's bob barnard with the latest. >> reporter: at the social safeway in georgetown there were very few hostess products still left on the quickly thinning shelves this afternoon, same true for wonder breads, just a handful of loaves left as word spreads hostess brands is going out of business. >> sad to see them go. sad to see them go. >> anyone was jealous of the child at lunch with a twinkie. >> that's terrible. i'm going to miss them. >> reporter: jill kirkpatrick grabbed the second to the last box of twinkies. why did you come here? >> because my husband called and said hostess was closing and he wanted to have some of the last. he went to some store downtown where he works and they were sold out of everything. shelves were cleared.

hostess twinkies give your child energy to go on, plus protein to grow on. >> reporter: what hasn't been growing? hostess' bottom line. sales dropped as moms began swapping out those fat-filled goodies and white bread for healthier lunch box foods. but a bitter nationwide workers strike that ended in a stalemate may be the final nail in a cream-filled coffin. the 82-year-old american icon plans to shutter its factory doors and let 18,000 workers go. >> it will be very sad because these brands are iconic. they've been around for decades. >> reporter: but this iconic treat, this is nothing like mom could make. if you think you're going to miss this twinkie -- don't even try to make this at home. there are 37 ingredients in this little cake. many you'd expect. some flour, lots of sugar, corn syrup. but how about corn dextrin? that's the sticky glue found on the back of envelopes. and that smooth, creamy center? it's made from cellulose gum. that's used in hair gel, shampoo, even rocket fuel. some predict a buyer may swoop in and buy the twinkie. making it a novelty item. >> i think they cou

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hostess brand, the company that makes wonder bread and twinkies, is going out of business. hostess says a nationwide labor strike crippled its ability to make and deliver products. more than 18,000 workers will lose their jobs. the union blames management for the company's financial problems. the company is going to try to sell off its brands as it shuts down its bakeries and plants around the country. >> the hostess name has value of its own and we believe there are companies out there looking to purchase that name and continue making the product. >> hostess products will stay on store shelves for as long as they last, which may be just a few days. experts say the company buckled at increased competition and america's trend to eat more healthfully. >> folks have to have their hostess, and a lot of folks buying today were of a certain age. scott broom is in rockville at the wonder baker thrift store where it's pretty nostalgic for scott. >> reporter: they bought as many as they could carry. >> and i cannot let my granddaughters grow up without having tasted the original twin

treats an iconic part of many a childhood. >> my generation grew up on hostess, you know, twinkies, cupcakes, dingdong, all of that -- dingdongs. for my husband's birthday, we had a hostess platter. >> there is nothing like the cupcake where you put it in your mouth. oh, my gosh. it's the best thing ever. >> reporter: those ring dings and devil dogs that you love so much are made by drakes which, is owned by hostess. >> i got two boxes of twinkies and some snowballs and a little bit of bread. >> reporter: we met greg at the wonder bread thrift store on route 1 in beltsville. where a steady stream of customers was practically clearing out the place. once everything sold, that is it. >> my favorites are the ho-hos. but they sold out. someone came in and took all of them. >> reporter: the ceo of hostess said he's hoping investors will buy some of the 30 brands under the company's crumbling umbrella, which combined last year, recorded $2.5 billion in sales. shawn? >> and that is a lot of money, bob. i was checking, bay. people are selling the twinkie boxes on ebay, upwards of $60 already

as you may have heard hostess which makes wonder bread and twinkies is in bad shape, like most of theirt on strike and the company said if they didn't come back they would liquidate. that sounds delicious. twinkies you could drink, twinkie smoothies could save hostess. employees didn't come back and hostess says they'll dissolve or sell the company off. if they can't sell twinkies to americans they should never work in business again, right? hostess and the employees union are going to meadation now but things don't look good which means in the future we'll make our own twinkies using old sink sponges and cool whip. no one is sure what will happen but rumors that a mexican company might buy them and the owner of that company, addressed those rumors today. >> a look at your business headlines, a mexican billionaire may save the twinkie. there is growing speculation, the company groupo bimbo could try to buy hostess. >> >> guillermo: twinkie make me the man i do, i save all my pe so and now i have all of them! look, i am a twinkie! ha, ha, ha! >> jimmy: who would have ever guessed? this i

. >> really seriously you're not talking about hostess twinkies. >> what do we have? ties twinkies. >> the demise of the twinkie. >> they will be no more. >> dingdong the twinkie is gone. >> this is the end of an era. [ laughing ] >> we've lost this segment. >> the only thing about it is maybe i'll lose weight because i won't eat twinkies any more. i like american food. >> this is a setup. i'm not answering questions about twinkies. >> maybe if they had come to colorado. >> twinkies. >> i think they could have done better if they had gone to colorado or washington. >> i'm sure you heard they're auctioning these off for $200. >> no more twinkies. >> hey how much? >> $50 for twinkie. >> i got a guy in cleveland who will give me $75. >> all right $60. >> they make you feel better. there is only one thing that feels better than eating a twinkie. >> this isn't a joke. >> the ohios ho hos are better than the twinkie. >> it may not be the end of the twinkie just yet. >> a possible reprieve for the hostess twinkie. we have learned that hostess and it's second largest union has

hostess, the make are of treats like twinkies, ding dongs is leck question dating. that means the loss of 18,500 jobs. employees were sent home today and their operations have stopped. >>> products on the store shelves and in the outlet stores will be sold until they run out. that have folks buying up twinkies in bulk and selling them on e bay. we fond some on e bay and amazon. until this move, a box of hostess twinkies only cost $3.35. >>> hitting puberty is a frightening time for parents and children. >> why girls who mature earlier may be at risk for health conditions. >> former cia director david petraeus heads to capitol hill to talk about what happened in libya. >> it's beautiful here. we'll talk a lot more about it. >>> in tonight's health alerkts it's -- alert, it's something every girl has to deal with. girls who enter puberty early could have health risks early on. those who start before age 12 are 23% more likely to suffer from heart disease than adults and 30% more likely to die from heart attack or stroke. the study has been going on since 194 with rese

actually this is a distribution site for hostess twinkies and other snacks. and as you can see, the protesters are here and they say that they'll be here 24- hours until the company agrees to give them more dough. workers chanted near a delivery line outside of hostess' factory in oakland. >> we're taking the brunt for the mistakes of the ceos, but we're the ones taking all the consultants. >> reporter: most of the plant's 71 workers are on a strike. hostess brands which makes twinkies, cup cakes, ho-ho, and other bread products, filed for bankruptcy, and it involves an 8% pay cut. contributions to medical benefits. no overtime or holiday way. >> i have three kids, i have two girls and one boy. i have two in college right now. >> at least half of theme piece were supposed to retire this year and last year and they weren't able to retire because of the stop in the pension so they won't be able to retire. >> reporter: the factory closed due to the strike and the ceo says the company could fold. >> if the strike continues along the same line. we'll be facing the

texas state where the famous deep freed twinkie faces an uncertain future. >>> forget politics, forget petraeus, the story everyone was talking about this weekend, hostesshe water cooler story of the past 72 hours. >> as if you could improve on the twinkie, you deep fry it. >> oh, yeah. it's huge in the south. deep fried everything. deep fried twinkie. deep fried salad. it's always good. >> lettuce? >> more romaine. butter. >>> the major winners, the fashion statements. whose performances made last night's american music awards so memorable. that is coming up in "the skinny." the older i get, the older i feel when i watch the amas. because some of the acts, i am like -- who? who is that? what song? >> the best female artist. best album. i don't know who some of them are. >> we're getting old. >> no kidding. i think we are. >>> first, the palestinian military headquarters is one of the latest buildings to be hit by israeli missile fire as the fighting enters its sixth day. >> the mounting civilian death toll is likely to put pressure on israel to go with the cease-fire. abc's alex marquardt is there in gaza city. >> reporter: in one incident, 11 people w

hostess shuts down. what are we going to do? . >>> twink can i lovers all a-- twinkie lovers all across america sad tonight because the company that makes them is going out of business. the latest strike crippled them to do their business and today we caught up with some fans who are stocking up. >> reporter: where are you going to put all these? >> i have no idea. we live in a small townhouse. >> reporter: hostess twinkies. >> she must really like them. there is a reason to hope, snack lovers. there's a chance, however small, that another bakery will buy the hoss tess brand -- hostess brand. if you're feeling adventurous, we actually posted the recipe on our website wusa9.com. go ahead, give it a shot. homemade twinkies. >>> a live look outside. topper will be back after the break. right after the break, incorporating recycles materials back into our economy. we'll show you how it can be done. >>> in tonight's green alert, unusual weather like hurricane sandy are fueling climate changes. recycling is a part of that equation and how to incorporate recycles terms in our

p risis >>> every spaceman knows you just got to have hostess twinkies along. even space girls know it. >> a classic american treat has been hit with a bitter dose of current economic reality. hostess going out of business blaming a recent union strike. fox's doug mckelway looks at what appears to be the end of twinkies and wonder bread. >> winky the kid to the rescue. >> thanks, twinkie. >> reporter: neither twinkie the kid nor last ditch negotiations could save hostess which announced on its website today hostess brands is closed. the company said it is suspending operations at all the mans and putting 18,000 employees -- plants and putting 18,000 employees out of work. buyers lined up at a denver plant today for a last chance to buy the baked goods, hostess' ceo put blame squarely on the strike by the bakers union. >> the leadership threatened to fine them if they crossed the picket lines. we've had a number of them cross their own lines this week. >> reporter: earlier this week even as hostess closed three plants the bakers union remained defiant saying in a

hostess products they have. as far as the individual packages this is the last package of twinkies on the shells. d the delivery truck hasn't been here in about a week. and that is because we think that hostess has announced it will shut down. thousands of its workers at its bakeries have been on strike protesting. they say their wages have been cut and pensions frozen while executive pay has increased. hostess ceo says if their workers did not return to work by 5:00 p.m. yesterday their company would shut down operations. today they will go to bankruptcy court to ask permission to liquidate their assets. more than 18,000 people will lose their jobs and it will be the end ofests to and icon -- hostess and iconic products. if the u.s. bankruptcy court grants the motion, hostess could close all of its operations as early as november 20th. and that is just two days before thanksgiving. and again an employee who i spoke to back out here live at the safeway when i told them about what was happening and hostess he was surprised. he said he was sad to see the hostess product go. personally i've always be

the hostess twinkie, dead at the age of 82. >> and you know there are a lot of entries right now on ebay for boxes of twinkies they've become quite the hot commodity. >>> former nfl great mike ditka is in the hospital after suffering a minor stroke. the 73-year-old hall of famer sought medical care yesterday after noticing that his hands weren't working quite right. he was also having trouble speaking. ditka played tight end for three teams. he also coached the chicago bears to a super bowl victory after the 1985 season. 49ers coach jim harbaugh is back at work following a minor procedure for an irregular heartbeat. he plans to alter his diet and cut down on caffeine. he's going to be on the sidelines monday night. >>> the cal men are continuing their winning ways and the warriors hope to start the road trip on a positive note as they took on the minnesota timber wolves. >> if you love the golden state warriors you're going to love this. if you like stef curry you'll love it even more. they were in the land of 10,000 lakes and that would be minnesota. the aforementioned curry, and we cal

oh and twinkies to that list of course that's maker hostess brands made no wonder negotiations are going on it turns out twinkies will likely survive not only the zombie apocalypse but also this latest dispute what does that mean for the cottage industry of sellers hawk in the snack on line we'll discuss let's get to today's capital account. all right as i said half of the nation's forty biggest publicly traded corporate spenders have announced plans to reduce capital expenditures this year or next according to a review by the wall street journal their filings and their conference calls meanwhile we're talking about consumers americans cranked up their use of credit cards in the third quarter which was july to september racking up more debt than a year ago but also being less diligent about making payments on time this is because of an analysis of consumer credit doubt it's what it showed us from trying to believe now are these data points the exact opposite of what you want if you're talking about an economy recovering in the type of debt accumulation that is positive versus negative he

' going to mean the closing of plants, and factories and already met one right here, with the hostess twinky factory. >> tin that was 18,000 jobs, just forget about it, you look at the auto workers, the steel industry, airlines, you go down the list and unions fits for pensions and benefits, not just pay, have really taken down a lot of companies. >> well, they have, but, i guess we're ftune in our overall economy, 150 milon workers only now at about a 9 or 10% union total labor force, so, on relative basis weould be much better or worse time since 1980 whi we were opposo 26, 27, in the states, intriguingly, the states are not right to work states where unions can force a company to, people to pay dues et cetera, those states are falling behind. the empirical evidence, the re these guys get power the less the jobs get created. >> looking forward, not just now. we know that unions feel more empowered and their presidential candidate won the white house and union leaders saying they're going to congress and ask for easier ways for companies to become unionized. so, can we expect to see more of

holders were left with nothing now this also relates to the twinkie story because this is like a hedge fund that is the major owner of hostess and they're claiming that the workers are the greedy the eight hundred thousand workers of the greedy people and if it weren't for these greedy people we would still be making these toxic twinkie ho ho ding dong wonder bread things and the same argument goes for the city as look both. bad for us we've had to lay off one hundred sixty thousand and four for you stupid people out there demanding an end to quantitative easing and an end to our financial fraud then we would have all these toxic derivatives we selling to you that's right the city of london and wall street is a marxist workers' paradise the workers take almost the money as phone operators of private equity group the bonus laden bankers at the top wall street firms in the city of london the workers take home all the money the capital which is owned by the savers the pensioners and the insurance companies they've had all of their capital stolen and shifted to the workers it is a marxist leninist on us workers fricken paradise

we need an opportunity to talk about twinkies i've got there were something after an ongoing labor dispute hostess brands a maker twinkie announced that it may be going out of business but now maybe they are negotiating and it's going to work out but anyway it's leading many to wonder about the future of the cream filled treat. so you know that's about it just to make you sorry it was a troll what's the next question about that sort of question about you know there's . not i have enough you can get me you think you'd be hard to support reform over the talk about this is the set up knowing you people are the worst but the worst of all that is brilliant and chris christie. just spawn so much i mean there's all these local news reports about people hoarding tween there are people trying to hawk them online. and there was one box posted on e bay boxes are up for auction one full box starting bid of two hundred thousand dollars ok you know we don't know what the fate of twinkies is evidently the bankruptcy judge is kind of working out a negotiation between labor and twinkies but that's part of this iss

to all of our fans out here who like twinkies, i'm starting a march on hostess headquarters. >> it's outh. >> anyone want to join me and also tonight i'm doing a vigil at my apartment with candles, foreign twinkies and i am pea going to buy a storage place and put a thousand crates of them in there. can i just make a point that your-- you alluded to, the unions are what brought hostess down. >> 60,000 employees-- >> 18,500. >> cost 450 million bucks a year to put them on benefits, but the points is, they voted 92% to strike down the deal, hostess said if you strike it down, we're going out of business. good job, union, good job. >> and i think a pox on both their house. >> and i think that it's incredible that they could not come to this agreement over, we did a story about this about eight months ago when they were first having problems, they could not come to an agreement. it's the week before thanksgiving and now nearly 20,000 people found out they're going to lose their jobs because they couldn't come to an agreement. >> the keebler elves are they going to strike, and fire bomb th

hostess twinkies. sir, i know the folks will surely love these. >> twinkies, which are made by hostess brands, which tonight announced that mediation talks with the bakers union have failed and it's filing for bankruptcy. you and i might look at that news and think, ohno, no more twinkies, but kroegman see es the end of a broader economic era. an era called the twinkie rare. a time when corporations did well and so did the people who worked for them. that was when family income doubled, which gave mom and dad more money to buy twinkies and televisions and cars. taxes were higher in that period both on the rich and corporations. and labor unions were much, much stronger. and yet in the twinkie era, corporations still managed to be profitable. the u.s. economy expanded more than at any other time in history. but something happened because corporations are still doing really, really, really well. but the people that work for them, not so much. corporate profits measured as a percentage have hit record hig

i was raised on all of this, hostess, twinkies, and now it's over. >> the plants have been shut down and the workers told to go home were told official termination notices could come next week meanwhile the bakery thrift shops there stay open a few days at least until the last of the baked goods are gone. ann ruben, ktvu channel 2 news. >>> some die hard hostess fans were at an outlet store today before it even opened. sales discounted baked goods. we talked to one customer who said not being able to grab his favorite twin sis, ding dongs or hoe hoes may not be such a bad thing. >> i fwru up on this stuff, you know, all of us did. so what are we going to do now? lose a lot of weight, i guess. >> ding dongs, folks. >> once the store opened, customers loaded up on their favorites. one woman bought bags full of bread. she said she's been bieg wonder products for almost 50 years and was sad to see it go out of business and especially see all the employees lose their jobs. >>> the youngest defendant akudz in a 2009 gang rape at richmond high school struck a plea deal today with prosecutor

and it looks like hostess's twinkie is cooked. the snack maker failed to reach mediation session.uptcy judge asked the two sides to meet. no agreement in place the judge will decide today if the maker of ho-ho, ding dongs and wonder bread can shut down their operations. hopefully other companies will swoop in and make those treats. >> it ain't over. you can't hold the twinkie down. >> i'm not sharing. >> ashley morrison here in new york. in sports this morning the lakers get a new coach and get a win. mike d'antoni made his debut as the lakers new coach. kobe bryant makes a nice hook shot to give l.a. a three-point lead. darren williams desspar ration three rally. lakers holds off brooklyn 95-90. new orleans loses four in a row while the knicks are 8-1 for only the third time in franchise history. in college ball big o. t. win for miami. hoosiers take over and don't look back. indiana won the title game of the classic tournament. they beat the hoyas 82-72. butler is the team to beat. first-ever trip to hawaii. clark scored 17 against north carolina. a shot. was hot from down. adds

hostess products. i was able to buy a few of them like the twinkies. these are the last ones on their shelves as far as individually wrapped products. one customer i spoke to inside the store told me it would be un-american if these products went away. now it's unsure how long the products will stay on the shelves now that hostess is shutting down. here's a picture i took of what the hostess cup cake and twinkie shelf looks like. it ran out completely of twinkies. workers thousands of them all across the country have been on strike at the 86 bakery. they say their wages have been cut and pensions frozen while executive pay has increased. but the hostess ceo says it says workers didn't return to work by 5:00 p.m. yesterday its company would shut down operations. the 82-year-old company is already bankrupt and it will go to bankruptcy court to ask permission to liquidate its assets. customers say it's sad if it truly is the end. >> it's an american icon. it would be like the end of an era. i wouldn't understand it if they went away. you look at the shelf

. >> is this is the last twinkie production? hostess says they are shutting >> terry: maker of twinkie hostess brand is shutting down operations nationwide. katie marzullo joins us from the oakland business that is directly affected. >> reporter: these are already scarce, last two packets near the safeway. about 20 workers still picketing and they are holding the line until they hear from their union. hostess announced they are going out of business. columbo employees about 70 workers. workers walked off the job after cuts in pay and benefits. they said they had to draw the line somewhere. >> we're going to lose, we're going to lose everybody. we're in the same boat. that is why we're here. >> they are taking away almost our paycheck. it's not going to be no different. if they liquidate and close and have no job. >> the ceo of hostess says, quote, we deeply regret the necessity of today's decision but we don't have the financial resources to weather an extended nationwide strike. hostess has filed a motion in bankruptcy court. we could

. >> turns out reports the death of the hostess twinkie may >>> better news tonight for people who lovees. the maker of popular snack cakes and wonder bread agreed to private mediation today, offering some hope the company will not liquid date. sky 7 was over the columbo baking company. workers are walking the picket line. for strikers this announcement is encouraging but not cause to celebration. >> our hopes up yet so we can hear tomorrow to see what the outcome was of the mediation. >> the baker union has been on strike since november 9th. hostess has been in dut det ask complained of rising labor costs. >> chevron and other manufacturers purchased $200 million worth of california pollution permits. it's a central part of the campaign against global warming. manufacturer that's meet their caps are now free to trade them to other companies who do not. >> there is a lot more still to come here tonight. just ahead another escalation of the violence in the middle east. dozens more rockets fired and death toll reaching a new milestone. >> i team tracks down a man posing as a war hero. >>

and what do you do about the hostess twinkies debacle that vulture capitalism as you said the banks there's some has to be done i was a victim and one thing i can't understand it in this bankruptcy proceeding. liquidation all the workers aren't even. for that back vacation. now and they're losing and many of them are losing what has to be done then we need to change we need to change our laws that have to do and i appreciate you calling tim we need to change the way that businesses can be acquired businesses can go into bankruptcy we need to change those laws that's if you take my take live thanks for all your calls if we didn't get your call tonight tries back next week. after the break there's something you need to know before you rush out for all the shopping deals on this black friday as a major libor strike will meet all the details coming up next. with the. science technology innovation all the list of elements from around russia we've got the future covered. in the best of the rest of the news thanksgiving is tomorrow but more americans are likely focused on the next day the busiest

and what you do about the hostess twinkies debacle that vulture capitalism as you said the banks there's some has to be done i was a victim and one thing i can understand in this bankruptcy proceeding. liquidation all the workers aren't even deserve or excuse me or compensated for the back vacation days these guys are now and they're losing and many of them are losing one pension what has to be done. we need to change we need to change our laws that had to do and i appreciate calling him we need to change the way that businesses can be acquired businesses can go into bankruptcy we need to change those laws as if you're here take my take alive thanks for your calls if we didn't get your call tonight try spec next week. after the break there's something you need to know before you rush out for all the shopping deals on this black friday as a major labor strike will mean all the details coming up next. you know sometimes you see a story and it seems so for lengthly you think you understand it and then you glimpse something else and you hear or see some other part of it and realize that ever

hostess twinkies what is up here? is this some type of general strike attempt?e now to tell us is the author of state of the union. he is a union opponent. all of these airports now this business with wal-mart which i learned today. what do you think the general public is going to say about unions busting up thanksgiving busting up black friday and actually on top of all that, busting up the hostess brands? >> wow, that is quite an in tro. >> that is what is happening. that is the way i see it. let's take the first thing you mentioned and the last thing you mentioned. what this is, is a company that has not been able to manage itself. it has gone through 7 ceo's. it has been in and out of bankruptcy court. and it has given through all of this, it has given lavish raises. they had promised the court they would put into reinvesting in the company. i think there is a lot of truth into what you say. the new guy is going to put this thing into liquidation. i said to him, why didn't you take the same deal the teamsters did. i think that was a poor argument. so 18.5,00

you wish everyone could have listened to what we were talking about in the commercial about hostess and twinkiesserious topic when hostess brand said striking workers is what forced them to shut down yesterday. now they're seeking bankruptcy protection. what could happen to things like twinkies and the ding dongs and wonder bread, and you know, i mean part of the american landscape, really? >> yeah, i mean, as the old joke goes, twinkies might have survived doomsday but doesn't look like they can survive labor strikes. the take away number here is 18,500. that's the number of jobs that the company is looking to shed if bankruptcy court allows them. as soon as next tuesday. the company has been saddled with debt. they filed for bankruptcy protection earlier this year. it's the second time in a decade they've been having issues for awhile. they said the financial impact of the labor strike was just one thing they just could not afford to do. so that being said they're going to liquidate everything, shut down operations and they're going to sell the assets. so i think this is the end of twinkies as

announced it's going out of business. >> i spent three years in vietnam, and they were sending me hostess twinkies, cupcakes. >> reporter: faced with increased labor costs and a trend toward healthier eating, hostess filed for bankruptcy protection in january. the second time in the past decade. but when its striking bakers union refused wage and pension concessions by a thursday deadline, hostess decided to shut down. >> 30% of our work force has put 18,500 people out of a job. it's a consequence, not a threat. a consequence of the strike. >> reporter: 30 hostess plants around the country closed immediately. more than 500 distribution centers and 500 bakery outlet centers will soon follow. >> it breaks my heart. it really does. my heart bleeds for all my brothers and sisters here. >> reporter: bakery union members like these in philadelphia blame company mismanagement, citing labor concessions years earlier that had failed to turn hostess around. >> they don't care about people's families, or the people here. people here gave them everything. >> reporter: but after turning out breads and snack fo

hostess. but, should we save the twinkie? your next guest says no. >>> an then later on -- saving thanksgiving. some black friday fans are already camped out for a deal at stores now open on thursday night. but we've got a big target shareholder who says opening thursday just isn't right. his mission is to save thanksgiving. >>> no deal yet on capitol hill. congress on vacate. casual meetings under way. 42 days. 42, friends. until the fiscal cliff. >>> if congress fails to prevent the economy from diving off the fiscal cliff, over 1 million jobs with the labor income of over $46 million would be lost due to department of defense cuts. our schools... ... what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. [ female announcer ] today, it's not just about who lives in the wh