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Well bankrupt -- maker hostess brands -- an even more trouble is thousands of its workers are currently on strike.
Our Denis Neill is talking with hostess -- CEO Gregory Rayburn and a Fox Business explicit that.
At stake -- -- and thanks for being with us today Gregory Rayburn.
And the -- -- is here to announce that they are now closing permanently three of the 36 plants as a direct result of this strike.
Thanks for joining us mr.
Raeburn Craig -- so first of all you've told me previously that you will shut down this entire company.
If the union strike -- you got to try to get out of this Babs.
Bank of it.
Are you sticking to that threat.
Well you know.
I've never -- as a threat you know I've always said it as a consequence you know the -- the business could not withstand any significant material work stoppage or strike.
We've said that to our unions are Teamsters supported the plan.
Our other unions some of them support the plan nonunion supports -- the bakers union does not that -- -- if you go out on strike we will likely have to wind down the entire business so you're closing -- state currently Seattle Cincinnati Saint -- are you doing this just as a retaliatory measures show -- -- business sources because you can't operate them no not at all -- we just don't have the manpower to cover all 36 -- the -- call for a nationwide strike on Friday.
There's the reality is that we didn't get strikes in about a third of our plants such twelve -- OK right and then another two thirds had picket lines -- -- half of those enough bakers union employees cross the picket lines to maintain normal operation so it's really down to.
A third of our plants and some critical plants where we are -- -- with management team.
And we don't have that and enough people to go around to keep all those running now the twelve of 36 plants where even though the -- you said strike they're crossing the picket line.
You're saying he you totally Teamsters which is toughest union in the US I think the Teamsters -- crossed a picket lines at those plants as well I think system wide the Teamsters are are are not honoring the strike by the -- because they understand clearly and of course they voted.
To accept the wage concessions because they understood clearly that failure to do so will mean 181000 people out of work including Teamsters Baker's other unions and -- -- employees.
Right that Teamsters even given -- -- -- health -- where I live the company had paid out a hundred million dollars over half of it.
Went to retirees it'd never worked for post as they were teams -- In other council bankrupt and then the company gets stuck with the bills of other people to the Teamsters end -- agreeing they cave in.
But -- the bakers ball what is -- -- the Baker's account -- offering how far apart aria.
Well that's a great question because they're they're we're we're not far apart because there's nothing being discussed their leadership has not countered with -- any thing in fact they stopped returning our phone call several weeks ago.
The leadership has called for the employees to strike frankly if you ask the employees while you're striking what it is you want.
Maybe they tell -- they want a better deal but the reality is that there's no way I can do a better deal for some.
30% of our workforce that's better than the 70% of the workforce is getting.
Right that that doesn't work.
And -- and you also say that the bakers main opposition to this is not a matter of the employees here because -- wanna have them fired.
It's because they don't wanna have to grant concessions to other companies that will now demand give backs -- you're trying to get -- I firmly believe that the bakers leadership has is willing to sacrifice.
Bakery -- -- hostess so that they don't have to deal with these types of concession demands from other competitors or other companies that employ -- unions.
Otherwise there's no rationality to striking just to strike I think they want to have the business liquidated and that tells me that they really don't care.
About these employees' jobs -- now are about to wrap this thing and that many of us in this country that.
Who love twinkies who love ho -- who love Wonder Bread.
What are the chances that -- really disappears because there's almost a billion dollars in debt and debt type this company that makes a break up -- a -- celebrate and pretty difficult I think it's you know it's really up to those workers that are on the picket lines today.
That are not coming to work if they decide in a very short order and I'm talking days not weeks to come back to work.
Then we have a a platform we can survive and exist if they don't I think it's highly unlikely we go forward as an operating concern.
Days not weeks and we'll find out the fate of -- -- -- -- -- CEO hostess -- thank you very much for being with us thank you don't appreciate it thanks for.
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