The Bakery Workers union issued a statement Saturday citing mismanagement over a number of years for the company's troubles.
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"Hostess failed because its six management teams over the last eight years were unable to make it a profitable, successful business enterprise," said the union.
But it said its members understood when they went on strike that a shutdown of the company would likely occur.
"They were well aware of the potential consequences of their actions but stood strong for dignity, justice and respect," the union's said.