Crisis averted, folks: Apollo Global Management Group has purchased Twinkies and their various related brands for $410 million. Hostess planned on auctioning off the beloved snack and its sister brands this week, but there were no opposing bids received by 5 p.m. yesterday. According to bankruptcy papers filed in U.S. Bankruptcy Court, Hostess announced that the auction had been cancelled.
Sadly, this still does not bode well for the company's 18,000 workers. Sources tell the New York Post that Apollo will "outsource distribution to third-party drivers, and there is talk that much of Hostess snack production will be done through in conjunction with existing bakeries, not at one or more of the 33 shuttered Hostess bakeries."
A Catch 22, indeed.