Hostess CEO: bad management decisions, union killed company
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The CEO of Hostess Brands isn't trying to sugarcoat the demise of the company.
CEO Gregory Rayburn says management made some terrible decisions, including a 300% pay raise for the former CEO while employees took a 30% pay cut.
Ultimately, Rayburn says, it came down to the bakers union, one of a dozen unions represented at Hostess. The union refused to sign a deal with the company and went on strike.
"They simply rejected the contract and went on strike. But I would say that there's bad history. I came in March, but I think there were some poor management decisions. I think the company was over-leveraged, didn't make capital investments. So there's plenty of blame to go around."
More than 18,000 workers, over a 100 locally, could face unemployment. Rayburn says the company had heard from interested parties who may buy up some of the Hostess brands.
Saturday, May 25 2013 11:54 AM EDT2013-05-25 15:54:24 GMT
We are following breaking news, Toledo Police say the man found shot inside of a car on North Reynolds near Dorr Street has died. Police say Kenneth Collins, 20, was found unconscious inside of a car
We are following breaking news, Toledo Police say a man found shot inside of a car on North Reynolds near Dorr Street has died. Police say Kenneth Collins, 20, was found unconscious inside of a car on North Reynolds early Saturday morning.Investigators say a passerby flagged down a trooper who found Collins inside of the car. Collins later died at the hospital.
Saturday, May 25 2013 10:00 AM EDT2013-05-25 14:00:44 GMT
A late season frost was observed around the area on Saturday. Temperatures dropped down to 36 degrees which was cold enough for some patchy frost to develop in areas. The late season frost comes with a
Near record lows were recorded on Saturday one year after record highs were observed with highs in the low 90s.
Saturday, May 25 2013 9:54 AM EDT2013-05-25 13:54:50 GMT
A Bloomville man could spend 84 years behind bars. He's charged with allegedly having sex with a minor. The Advertiser-Tribune reports that Torrance K. Norman II, 36, appeared in Seneca County Common
A Bloomville man could spend 84 years behind bars. He's charged with allegedly having sex with a minor. The Advertiser-Tribune reports that Torrance K. Norman II, 36, appeared in Seneca County Common Pleas Court on Friday.
Saturday, May 25 2013 9:49 AM EDT2013-05-25 13:49:22 GMT
The National Weather Service released an area map showing this past winter's snowfall. Most of the viewing area ended up between 5 to 20" below normal. Snow amounts were near normal for the southern part
The 2012-13 winter season ended warm, wet, with few big storms.
Saturday, May 25 2013 9:22 AM EDT2013-05-25 13:22:43 GMT
While the month isn't over, we are on pace to have one of the driest Mays on record. The driest May on record was back in 1881 when only 0.45" of rain fell. So far May of 2013 has only recorded 0.63" of
May 2013 could come close to a record for the driest on record.
Saturday, May 25 2013 11:54 AM EDT2013-05-25 15:54:24 GMT
We are following breaking news, Toledo Police say the man found shot inside of a car on North Reynolds near Dorr Street has died. Police say Kenneth Collins, 20, was found unconscious inside of a car
We are following breaking news, Toledo Police say a man found shot inside of a car on North Reynolds near Dorr Street has died. Police say Kenneth Collins, 20, was found unconscious inside of a car on North Reynolds early Saturday morning.Investigators say a passerby flagged down a trooper who found Collins inside of the car. Collins later died at the hospital.
Friday, May 24 2013 11:03 PM EDT2013-05-25 03:03:53 GMT
A man was filling up his tank when he noticed the pump kept running, even after he finished filling up. 13abc went looking for answers to see what drivers can do if they've been overcharged.
A man was filling up his tank when he noticed the pump kept running, even after he finished filling up. 13abc went looking for answers to see what drivers can do if they've been overcharged.
Saturday, May 25 2013 10:00 AM EDT2013-05-25 14:00:44 GMT
A late season frost was observed around the area on Saturday. Temperatures dropped down to 36 degrees which was cold enough for some patchy frost to develop in areas. The late season frost comes with a
Near record lows were recorded on Saturday one year after record highs were observed with highs in the low 90s.
Saturday, May 25 2013 9:54 AM EDT2013-05-25 13:54:50 GMT
A Bloomville man could spend 84 years behind bars. He's charged with allegedly having sex with a minor. The Advertiser-Tribune reports that Torrance K. Norman II, 36, appeared in Seneca County Common
A Bloomville man could spend 84 years behind bars. He's charged with allegedly having sex with a minor. The Advertiser-Tribune reports that Torrance K. Norman II, 36, appeared in Seneca County Common Pleas Court on Friday.
Saturday, May 25 2013 9:49 AM EDT2013-05-25 13:49:22 GMT
The National Weather Service released an area map showing this past winter's snowfall. Most of the viewing area ended up between 5 to 20" below normal. Snow amounts were near normal for the southern part
The 2012-13 winter season ended warm, wet, with few big storms.
Friday, May 24 2013 9:51 PM EDT2013-05-25 01:51:06 GMT
Frost Advisories are in effect, early on Saturday morning, for all of the 13abc viewing area, except for Paulding, Putnam, Allen and Hardin Counties, where temperatures will likely stay slightly milder.
Frost Advisories are in effect, early on Saturday morning, for all of the 13abc viewing area, except for Paulding, Putnam, Allen and Hardin Counties, where temperatures will likely stay slightly milder.
Friday, May 24 2013 8:56 PM EDT2013-05-25 00:56:34 GMT
A man who was held at gunpoint after trying to break into a home has been indicted. A grand jury indicted Kyle Caldwell on one count of attempt to commit burglary. Police say he tried to break into a
A man who was held at gunpoint after trying to break into a home has been indicted. A grand jury indicted Kyle Caldwell on one count of attempt to commit burglary.
Friday, May 24 2013 6:16 PM EDT2013-05-24 22:16:18 GMT
Bowling Green Police have issued a warrant for a Toledo man wanted for robbery. Jesse Bays, 26, was identified after police released surveillance images and got a tip that helped ID him. Officials say
Bowling Green Police have issued a warrant for a Toledo man wanted for robbery. Jesse Bays, 26, was identified after police released surveillance images and got a tip that helped ID him.
Friday, May 24 2013 6:04 PM EDT2013-05-24 22:04:46 GMT
There are new details in the cat killing controversy in Stryker that we first told you about in March. Stryker Police Chief Steve Schlosser pleaded no contest to animal cruelty in Bryan Municipal Court
A judge found Chief Steve Schlosser guilty and sentenced him to pay a $500 fine, plus court costs. It all stems from a stray cat killing controversy 13abc first reported in March.
Friday, May 24 2013 4:27 PM EDT2013-05-24 20:27:22 GMT
Toledo police need your help identifying some robbery suspects. Police say someone broke into the Eastgate Carryout on May 11. They released surveillance images of the people believed to be responsible,
Toledo police need your help identifying some robbery suspects. Police say someone broke into the Eastgate Carryout on May 11. They released surveillance images of the people believed to be responsible, as well as the vehicle they were driving.
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