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Ten years ago, the unthinkable happened: Twinkies disappeared.
Hostess Brands, maker of the golden, cream-filled sponge cake, declared bankruptcy for the second time in a decade. The company closed its factories and began liquidation proceedings, sparking a run on supermarkets as shoppers filled their carts with Twinkies, Ho Hos and other edible specimens of Americana they thought they might never be able to buy again.
What happened next was a dramatic comeback that few could have anticipated. Two investment firms rescued the snack cakes, paying $410 million for Hostess’s brands and kicking off a decadelong fix-up job. Then came a dogged quest for efficiency and a determined search for the next Twinkie, all of which culminated this week in
a deal to sell Hostess to J.M. Smucker for $4.6 billion.
https://archive.ph/wQEXn#selection-613.0-631.575