RSS

Tag Archives: press release

Say Goodbye to Twinkys and Hostess Brands – Video Blog


Video Produced By: ABC News

HOSTESS BRANDS TO WIND DOWN COMPANY AFTER BCTGM UNION STRIKE CRIPPLES OPERATIONS
Friday, November 16, 2012 at 7:00AM

Irving, TX – November 16, 2012 – Hostess Brands Inc. today announced that it is winding down operations and has filed a motion with the U.S. Bankruptcy Court seeking permission to close its business and sell its assets, including its iconic brands and facilities. Bakery operations have been suspended at all plants. Delivery of products will continue and Hostess Brands retail stores will remain open for several days in order to sell already-baked products.

20121117-084624.jpg
The Board of Directors authorized the wind down of Hostess Brands to preserve and maximize the value of the estate after one of the Company’s largest unions, the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (BCTGM), initiated a nationwide strike that crippled the Company’s ability to produce and deliver products at multiple facilities.

On Nov. 12, Hostess Brands permanently closed three plants as a result of the work stoppage. On Nov. 14, the Company announced it would be forced to liquidate if sufficient employees did not return to work to restore normal operations by 5 p.m., EST p.m., Nov. 15. The Company determined on the night of Nov. 15 that an insufficient number of employees had returned to work to enable the restoration of normal operations.

The BCTGM in September rejected a last, best and final offer from Hostess Brands designed to lower costs so that the Company could attract new financing and emerge from Chapter 11. Hostess Brands then received Court authority on Oct. 3 to unilaterally impose changes to the BCTGM’s collective bargaining agreements.

Hostess Brands is unprofitable under its current cost structure, much of which is determined by union wages and pension costs. The offer to the BCTGM included wage, benefit and work rule concessions but also gave Hostess Brands’ 12 unions a 25 percent ownership stake in the company, representation on its Board of Directors and $100 million in reorganized Hostess Brands’ debt.

“We deeply regret the necessity of today’s decision, but we do not have the financial resources to weather an extended nationwide strike,” said Gregory F. Rayburn, chief executive officer. “Hostess Brands will move promptly to lay off most of its 18,500-member workforce and focus on selling its assets to the highest bidders.”

In addition to dozens of baking and distribution facilities around the country, Hostess Brands will sell its popular brands, including Hostess®, Drakes® and Dolly Madison®, which make iconic cake products such as Twinkies®, CupCakes, Ding Dongs®, Ho Ho’s®, Sno Balls® and Donettes®. Bread brands to be sold include Wonder®, Nature’s Pride ®, Merita®, Home Pride®, Butternut®, and Beefsteak®, among others.

The wind down means the closure of 33 bakeries, 565 distribution centers, approximately 5,500 delivery routes and 570 bakery outlet stores throughout the United States.

The Company said its debtor-in-possession lenders have agreed to allow the Company to continue to have access to the $75 million financing facility put in place at the start of the bankruptcy cases to fund the sale and wind down process, subject to U.S. Bankruptcy Court approval.

The Company’s motion asks the Court for authority to continue to pay employees whose services are required during the wind-down period.

For employees whose jobs will be eliminated, additional information can be found at hostessbrands.info . The website also contains information for customers and vendors. Most employees who lose their jobs should be eligible for government-provided unemployment benefits.

Source: Hostess Brand Press Release

Compiled By: Josh Martin

Advertisements
 
Leave a comment

Posted by on November 17, 2012 in current events, History, Video Blog

 

Tags: , , , , , , , , , , , , , , ,

NBA All-Star Blake Griffin Travels Back In Time – Video Blog

Information contained on this page is provided by companies via press release distributed through PR Newswire, an independent third-party content provider. PR Newswire, WorldNow and this Station make no warranties or representations in connection therewith.

SOURCE Kia Motors America

2013 Kia Optima Blake Time TravelsKia Spokesman Offers Career Guidance to Younger Version of Himself and Shows Off His Futuristic Optima Midsize Sedan and Kia’s UVO Powered by Microsoft Voice-Activated Infotainment System[1]

– 30-second “Free Throw” and “Football” spots are the first in a series of five commercials featuring Griffin’s dry sense of humor

– Campaign tips-off with the start of the 2012-13 NBA season and includes broadcast, digital and social media elements

IRVINE, Calif., Oct. 29, 2012 /PRNewswire/ — With the 2012-13 NBA season about to tip off, Kia Motors’ global brand ambassador, superstar Blake Griffin, is back in a series of humorous new television commercials featuring the fast-growing automaker’s best-selling Optima midsize sedan and innovative UVO voice-activated infotainment system.  In the five 30-second spots, Griffin offers helpful suggestions to younger versions of himself as Kia’s UVO voice-activated infotainment system takes his futuristic Optima on a time-traveling musical journey through the mid-1990s and early-2000s.  Griffin’s deadpan delivery and dry sense of humor shines in the first two commercials as he urges younger versions of himself to forget about playing football and spend more time practicing free throws in another spot.

(Photo: http://photos.prnewswire.com/prnh/20121029/LA01622)

Beginning tomorrow, the first two commercials – titled “Free Throw” (circa 1995) and “Football” (circa 1997), will debut on television with three additional spots scheduled to roll out throughout the NBA season, along with a presence on all Kia social and digital platforms including Facebook, YouTube and Kia.com.

“Blake turned people’s heads after his famous dunk over a Kia Optima in the Sprite® Slam Dunk contest at NBA All-Star 2011, and his on-court talent combined with his unique comedic style and personality have translated into a powerful partnership that has helped raise awareness and brand perception for Kia,” said Michael Sprague, executive vice president of marketing & communications, KMA.  “Griffin is one of the most exciting and recognizable young athletes in the world, and this latest campaign pairs Griffin’s basketball wisdom and athleticism with the youthful style, performance and cutting-edge technology of our wildly popular Optima midsize sedan and the award-winning UVO infotainment system.”

Created by David&Goliath, KMA’s advertising agency of record, the Griffin spots were helmed by renowned director Paul Hunter, who directed last year’s commercials featuring Griffin and is credited with award-winning spots for Nike and Burger King. “Free Throw” and “Football” are available now atYouTube.com/Kia, and will make their television debuts tomorrow on network and cable programming.

About Blake Griffin

Selected first overall by the Los Angeles Clippers, Blake Griffin took the NBA by storm in his rookie season and broke records every step of the way. Known for his high-flying dunks and unwavering physicality, Griffin competed on the 2011 NBA All-Star Team, the first rookie All-Star voted to the game by coaches sinceTim Duncan in 1998. He won the 2011 Sprite Slam Dunk contest, participated in the NBA All-Star Rookie Challenge & Youth Jam, and was named the 2010-11 NBA Rookie of the Year.  A highlight reel sensation equipped with the size, strength, quickness and skill to keep his household name buzzworthy for many years to come, Griffin has transformed the Clippers into a must-watch franchise.  A native of Oklahoma City, Okla., the 6’9″ power forward attended the University of Oklahoma, where he was one of the highest rated and most decorated recruits in Sooners history.  A media magnet, Griffin already has earned numerous accolades, including the Oscar Robertson Trophy, Adolph Rupp Trophy, John Wooden Award, Naismith Award, Sports Illustrated Player of the Year, multiple NBA Western Conference  Rookie of the Month honors and many more; for more information go to www.blakegriffin.com or follow him at @blakegriffin.

About the 2013 Kia Optima

With a luxury appearance and a refined interior, the 2013 Optima is available in three trims, LX, EX and SX, and offers a wide array of convenience and luxury as well as impressive technology features like an AM/FM/CD/MP3/Sat audio system with SiriusXM Traffic™ Satellite Radio capabilities and three months complimentary service[2], auxiliary and USB audio input jacks, standard Bluetooth®[3] wireless connectivity with steering wheel-mounted voice activation controls, and Kia’s new UVO powered by Microsoft® voice-activated infotainment system.  Available with three powerful and fuel-efficient engines, a 2.4-liter GDI four-cylinder[4], a 2.0-liter GDI turbo[5] or a 2.4-liter hybrid that achieves up to 40 miles per gallon on the highway[6], the stylish and performance-oriented midsize sedan begins at $21,200[7]  for 2013.

Kia’s Unprecedented Growth

Kia Motors is one of the world’s fastest moving global automotive brands; from 2009-2011 Kia launched more new vehicles in the U.S. than any other automaker, and under the guidance of chief design officer Peter Schreyer earned a reputation as an industry leader in automotive styling.  Kia Motors America’s full line of fuel-efficient and fun-to-drive cars and CUVs has earned critical acclaim and dramatically increased consumer awareness, perception and consideration for the brand.  In 2011, KMA recorded its 17th consecutive year of market share growth, thanks in part to the largest increase of any major brand in perceived quality[8] and the industry’s highest brand loyalty ranking[9].  Kia’s U.S.-based manufacturing facility in West Point, Georgia – KMMG – is responsible for the creation of more than 10,000 plant and supplier jobs and builds two of the company’s best-selling vehicles in the U.S. – the Sorento CUV and Optima midsize sedan*.  Kia’s value and technology-laden lineup also includes the Sportage compact CUV, Soul urban passenger vehicle, Optima Hybrid, Forte compact sedan, Forte 5-door compact hatchback, Forte Koup two-door coupe, Rio and Rio 5-door sub-compacts and Sedona minivan.

About Kia Motors America

Kia Motors America is the marketing and distribution arm of Kia Motors Corporation based in Seoul, South Korea. KMA offers a complete line of vehicles through more than 755 dealers throughout the United States and serves as the “Official Automotive Partner” of the NBA and LPGA. In 2011, KMA recorded its best-ever annual sales total and became one of the fastest growing car companies in the U.S[10]. Kia is poised to continue its momentum and will continue to build the brand through design innovation, quality, value, advanced safety features and new technologies.

Information about Kia Motors America and its full vehicle line-up is available at its website –www.kia.com. For media information, including photography, visit www.kiamedia.com.

[1] UVO is optional equipment and available with select packages.  Microsoft and Windows are registered trademarks of Microsoft Corporation in the United States and/or other countries.

* The Sorento and Optima GDI (EX Trims and certain LX Trims only) and GDI Turbo are built in the United Statesfrom U.S. and globally sourced parts.

[2] Sirius services require subscriptions, sold separately after 3-month trial included with vehicle purchase/lease. Subscriptions governed by SiriusXM Customer Agreement at siriusxm.com© 2011 SiriusXM Radio Inc. Sirius, XM and all related marks and logos are trademarks of SiriusXM Radio Inc.

[3] The Bluetooth® word mark and logos are registered trademarks owned by Bluetooth SIG, Inc. and any use of such marks by Kia is under license. Other trademarks and tradenames are those of their respective owners. A compatible Bluetooth® wireless technology enabled cell phone is required to use Bluetooth® wireless technology.

[4] EPA estimated 24 city /34 highway MPG.  Actual mileage will vary.

[5] EPA estimated 22 city / 34 highway MPG.  Actual mileage will vary.

[6] EPA estimated MPG for Optima Hybrid.

[7] MSRP for Optima LX, excludes $775 destination and handling fee, title, taxes, license, options and dealer charges. Actual prices set by dealer and may vary.

[8] Source: Automotive Lease Guide Spring 2011 Perceived Quality Study.

[9] Source: Experian Automotive Q2 2011 market analysis.

[10] Based on 5-year cumulative growth between 12-month retail sales for periods ending September 2007 andSeptember 2012 of all U.S. automotive brands

 
Leave a comment

Posted by on October 29, 2012 in Automotive

 

Tags: , , , , , , , , ,