The fact that Hostess Brands, with a factory in Peoria, declared bankruptcy is rather old news. What isn't so old and seldom published is the fact that The board of directors were both inept and dishonest. While the company changed CEO's as often the seasons change, worse yet is the fact that higher management personnel were given raises while the company was going broke.
I wouldn't be surprised if it is revealed, they also were given bonuses or declared dividends in advance of the forthcoming fiscal cliff.
I support the unions stance believing that if the unions had given in to managements latest request for more reductions in pay and benefits, the company would have still mis-managed itself into bankruptcy.
What a shame as all top management and the paid board will suffer little or any financial hardships while key people like my friend Frank Brown, now discharged as District Sales Manager for Hostess Brands from Palmetto to Northpoint, Florida, is forced to seek new employment at a possibly reduced salary. Future benefits from Hostess Brands are questionable.
It has long been know that some major companies have gross mis-management as top paper-shuffling managers are often promoted by their ability to lie about past accomplishments or move up the ladder by nepotism and what many of us call, "brown-nosing", a term seldom used today but as prevalent as it was 50 years ago.
What a shame.