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NORCROSS, GA, March 28, 2013 /24-7PressRelease/ -- The bankruptcy attorneys in Knoxville, Clark & Washington, would like to turn their attention towards Hostess' recent decision to file for bankruptcy. Not many people would have thought that the company that produced the famous treat Twinkies would have gone under, but the Knoxville bankruptcy attorneys note that anything can happen in this economy. Suffering from poor sales, the business has made the move to auction off its brands. According to the law firm, Hostess has been successful in attempts to auction off its bread brands, which has been a back and forth struggle between companies like Flowers Foods, Inc. However, the fate of the Twinkie and Ho-Ho product line has yet to be determined, as Hostess will return to the auction arena later this month. The Knoxville bankruptcy attorneys note that Hostess originally did not intend to liquidate its assets; initially it sought to restructure its operations in hopes for a potential comeback. The union that represented the company's baking employees proved to be too strong of a force, however, and after the two parties failed to reach a financial agreement, Hostess sought liquidation as its fallback plan.
Hostess' is no stranger to debt, Note the Bankruptcy Attorneys in Knoxville
The Knoxville bankruptcy attorneys note that Hostess has actually filed for bankruptcy in the past, but this one certainly proved to be too much for the business. With a higher debt load, an unwavering union supporting workers unwilling to work for their wages and a market that did not favor the products they were selling, Hostess has finally decided to close up shop.
Clark & Washington has been practicing bankruptcy law in Knoxville for three decades. To learn more about their services and to speak with an attorney today if you are in financial straits, please visit http://www.knoxvillebankruptcyattorney.com.
About Clark & Washington:
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.
For more information, visit http://www.knoxvillebankruptcyattorney.com.
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