Twinkies Return This Summer: Hostess Brands Bought For $410 Million
Twinkies will return to supermarket shelves as early as this summer! Yes!
Hostess Brands filed for bankruptcy last November due to an extended worker's strike sparked by wage and benefit cuts. Now, thanks to a $410 million deal with investment companies Apollo Global Management and Metropoulos & Company, the iconic 83-year-old American food company that is responsible for iconic treats including Twinkies, Ding Dongs, Ho Hos, Sno Balls, and Dolly Madison Zingers will continue to live on.
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Despite the bankruptcy of the company, demand for the desserts did not drop. In fact, sellers on eBay were demanding as much as $250,000 for just two boxes of Twinkies.
"There's a great consumer fan base that hasn't declined," Daren Metropoulos, son of Metropoulos and executive at the family firm. "We saw a real opportunity to revitalize these brands, just with some T.L.C."
A respected food industry veteran, Metropoulos & Company are also the owners of Pabst Blue Ribbon and Vlasic Pickles.
"Our family is thrilled to have the opportunity to reestablish these iconic brands with new creative marketing ideas and renewed sales efforts and investment," Daren Metropoulos, a principal at his family's private equity firm, told Reuters in an email on Tuesday.
"We look forward to having America's favorite snacks back on the shelf by this summer."
Beyond the resurrection of the classic Twinkies, Metropoulos also hinted on a new line of treats that offer something different to other shoppers. Healthier options, like 100-calorie snack packs, are expected to debut as well.
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