The update on the sale process came as Hostess also received approval to give its top executives bonuses totaling up to $1.8 million for meeting certain budget goals to bring down costs during the liquidation.
Hostess Brands Inc. lived to die another day.
Hostess Brands Inc. and its second largest union will go into mediation to try and resolve their differences, meaning the company won’t go out of business just yet. The news came Monday after Hostess moved to liquidate and sell off its assets in bankruptcy court citing a crippling strike last week.
The flagship Hostess product, the Twinkie, was invented by Schiller Park bakery manager James Dewar in 1930 under a precursor company, Continental Baking Co.
Beginning Friday, everything at the remaining Borders bookstores is 40 percent off.
With no viable bids to buy the troubled book retailer, Borders seeks court approval to liquidate its surviving 400 stores, bringing an end to a chain that until early this year had several stores in the Chicago area.