Hostess Brand Closing—For Now

Updated Content: Nov 20, 10:20am (ET):

The owner of Pabst Brewing Co., a beer company, may come to the rescue of Hostess Brands.

“Our family would love to purchase these iconic brands,” Daren Metropoulos, a principal at the Greenwich-based firm, told Bloomberg. “We are actively pursuing this deal as no doubt strategics will also." Adding, “We have analyzed this opportunity very carefully for a few years now. Shedding the complications of the unions and old plants makes it even more attractive.”

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Original Content:

“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, CEO, in a press release on Friday. “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.”

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