Twinkies may never die. Wonder Bread probably won't either. Even after Hostess Brands announced that it is shuttering its operations Friday, the company, which entered bankruptcy protection for the second time in January, is expected to find buyers for its iconic brands that include Twinkies, Ho Ho's, Sno Balls, and Wonder Bread, according to several bankers who spoke on the condition of anonymity since they are preparing potential bids for the company's assets.
For many of Hostess Brands' 18,500 workers and their families, the closing of their iconic company Friday is a devastating emotional and economic blow. But others say the jobs weren't worth saving because of pay and benefit cuts.
Just hours after Twinkies maker Hostess declared it will shut down for good, grocery stores nationwide are already experiencing a run on Twinkies and the company's other iconic products like Wonder Bread, Hostess Cup Cakes and Ding Dongs.
JPMorgan and Credit Suisse will together pay more than $400 million to resolve allegations that they misled investors in mortgage-backed securities, the Securities and Exchange Commission announced Friday.
The American Red Cross continues to see an outpouring of donations in the aftermath of Superstorm Sandy. The relief agency had raised $145 million as of Friday morning, up from $131 million on Monday.
U.S. stocks ended with slight gains Friday afternoon, as investors welcomed positive comments from Washington lawmakers on the fiscal cliff negotiations but remained cautious ahead of an actual deal.
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