Potential buyer named for Hostess - Action News 5 - Memphis, Tennessee

Potential buyer named for Hostess

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MEMPHIS, TN -

(WMC-TV) - Details are surfacing about the fate of Hostess in the City of Memphis.

An insider revealed the name of a company in the running to purchase the bankrupt snack company.

A $360 million sale transaction filed in bankruptcy court listed Flowers Foods as the "stalking horse" buyer for Hostess' bread products. That includes the Madison Avenue Hostess plant in downtown Memphis.

The filing does not mean Flowers Foods is a shoe-in, in fact, Memphis workers involved in some of the discussions said Bimbo Bakeries is still in the running, too.

Either way, city leaders say this is about jobs.

"We need to make sure we protect the jobs we have in this community, especially for skilled workers," said Memphis City Councilman Myron Lowery.

Memphis Councilman Myron Lowery says if unions compromised, the bankruptcy might not have happened.

"Unions have to realize this is a different day and time. Unions must work with management to make companies survive," he said.

The Bakery, Confectionery, Tobacco and Grain Millers International Union did not return Action News 5's calls in Memphis and their international office.

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