“In terms of American icons, I would say they’re up there with Marilyn Monroe,” said Greg Rayburn, CEO of Hostess Brands, “because, the reaction has been one of ‘you can’t possibly take my Twinkies away.’”
Twinkies, Ding Dongs, Sno Balls, Ho-Hos, Zingers, Suzy Q’s, Wonder Bread – all are staples of American childhood lunchboxes. They harken back to an innocent time when calories weren’t counted, and a dusting of fluorescent coconut flakes on a snack, was considered a delicacy.
Still, Hostess has closed after 83 years in business, only eight months after Rayburn was brought in to restructure the company. On February 11, 2013 Hostess Brands won approval from the U.S. bankruptcy court to put some of its brands up for auction. A sale hearing is set for March, 2013. Private-equity firms Apollo Global Management and Metropoulo have teamed up to bid $410 million for most of Hostess's business. “I think nostalgia has played a big role in this sales process,” Rayburn said.Read More »from Ding Dong, is the Twinkie Dead? What the CEO who Closed the Company Thinks