Loaded down with one billion dollars in debt, while in the midst of contract negotiations with the BCTGM Union, Hostess (Makers of Twinkies, Wonder Bread and Ding Dongs) abruptly closed it’s doors and filed bankruptcy causing hundreds of employees to lose their jobs as their CEO converted bonus payments to salary which resulted in a raise from $750,000 to $2.55 Million and other exec salaries were increased from 35% to 80% according to unsecured creditors of the company.  According to an earlier report by the Associated Press, sticking points during contract negotiations included Hostess proposed an 8% cut in workers’ wages and 27-32% decreases in overall benefits, greatly reducing contributions to employee pension plans, altering work rules, and outsourcing some of its deliveries, among other issues. (Sources include The Huffington Post)