Forbes - Hostess has been sold at least three times since the 1980s, racking up debt and shedding profitable assets along the way with each successive merger. The company filed for bankruptcy in 2004, and again in 2011..
As if all this were not enough, Hostess Brands’ management gave
themselves several raises, all the while complaining that the workers
who actually produced the products that made the firm what money it did
earn were grossly overpaid relative to the company’s increasingly dismal