Hostess finally throws in the towel... but says it is confident it will find buyers for Twinkies, Ding Dongs et al

Probably the biggest story of the year on the business front was the collapse of Twinkies and Wonder Bread maker Hostess Brands which finally threw in the towel in mid-November and filed a motion with the US Bankruptcy Court for permission to close the business and sell all assets​ following a devastating strike by the baker's union.

Hostess - which first filed for bankruptcy in 2004 - filed for Chapter 11 bankruptcy protection in mid-January 2012, citing pension and medical benefit obligations, restrictive work rules and tough trading conditions, and immediately began pursuing new collective bargaining agreements with union employees.

While the Teamsters union accepted the company’s final offer, the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union (BCTGM) rejected it by a 92% margin, dismissing it as “outrageously unfair​”.

But Hostess would not put another offer on the table and filed a motion with the bankruptcy court to impose the same changes ratified by the Teamsters on employees represented by the BCTGM.

Following the deal, which was approved by U.S. Bankruptcy Judge Robert D. Drain, the BCTGM called a national strike at Hostess, at which point company bosses moved to liquidate the company.