Good news, Twinkie lovers: After taking a brief sabbatical, the cream-stuffed pasty should be back on the shelves by summer.
"Our family is thrilled to have the opportunity to reestablish these iconic brands with new creative marketing ideas and renewed sales efforts and investment," Metropoulos said in the statement. "We look forward to having America's favorite snacks back on the shelf by this summer. We are also ecstatic to bring jobs back to many cities across the country."
Hostess filed bankruptcy in late November of 2012, resulting in hoards of Twinkie fans taking to supermarket shelves to try and get their hands on one last box of the favorite snack.
An auction among qualified bidders was supposed to take place on Thursday. However, Hostess informed the bankruptcy court there was only one qualified bidder. As a result, Apollo Global Management won with their $410 million bid by default without having to be approved by the courts.
Once the $410 million bid was made, it’s not surprising there wasn’t an influx of competitors.
"While the Bankruptcy Code seeks competitive bidding to increase recoveries to creditors, the law can't invent bidders," Anthony Michael Sabino, a business school professor at St. John's University, told CNN. "The good news is a significant amount of money to pay Hostess' creditors. The great news: Twinkies have been saved!"
Hostess has yet to comment.
Since the company has been out of business, nearly 85,000 people lost their jobs right before the holidays. The company started to auction off its various brands such as Twinkies and Wonder Bread as part of its liquidation process, CNN noted.
Maria Vultaggio is a reporter for the Continuous News Desk (CND), where she covers trending topics and breaking news for the International Business Times....