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Hostess, Maker Of Twinkies, Closing!

Filed under: Sad SadBusiness BlitzFood

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Hostess Brands Inc., maker of all the best snacks, most memorably Twinkies, is shutting its plants down and looking to sell off its assets.

The company has been in business for over 80 years but they just couldn't withstand a national strike organized by its second largest union.

The strike was launched to protest a new labor contract and it affected almost two-thirds of Hostess's 36 nationwide plants.

Hostess's CEO said:

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Betsey Johnson Celebrates Chapter 11 With Cupcakes & Bubbly

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Most people don't go around celebrating filing for Chapter 11 bankruptcy, but when you're Betsey Johnson it does!

Shortly after news broke on Thursday, the entire Betsey Johnson design team celebrated

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Betsey Johnson Files For Bankruptcy!

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Whaaaaa???

Betsey Johnson sent the fashion world into a tizzy on Thursday when news broke that her licensee filed for Chapter 11 bankruptcy.

As a result of the filing, a majority of BJ's 63 stores will shutter starting next month and more than 350 employees are expected to lose their jobs.

Yikes!

Betsey said

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Bankrupt! This Isn't A Kodak Moment!

Filed under: Sad SadBusiness Blitz

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Wow, even Kodak is going bankrupt…

The legendary film company is filing their Chapter 11 bankruptcy protection papers either this month or early February.

They're hoping someone buys them before then, but if not, it's dunzo!

And why?? Because

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Dodgers File For Bankruptcy!

Filed under: Legal MattersBaseball

Frank McCourt Bankruptcy

Uh-oh!

After a $3 billion deal television deal with FOX Sports was rejected by Major League Baseball Commissioner Bud Selig, the Los Angeles Dodgers have been forced to file for bankruptcy!

Owner Frank McCourt filed for Chapter 11 bankruptcy, which allows the team to continue to operate. However,

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NY Housewife Sonja Morgan Heartbroken About Bankruptcy

sonja morgan heartbroken over bankruptcy

Such a sad situation.

To recap, back in November Real Housewives of New York City's Sonja Morgan filed for Chapter 11 bankruptcy, claiming $19.8 million in debt and $13.5 million in assets!

Then, last month she was accused of "fraudulent conduct" by Hannibal Pictures, after she pulled out of financing for a movie called Fast Flash to Bang Time, and she was ordered by a judge to pay the prod co $7 million. Ouchie!

Now, Sonja has opened up about her financial troubles, and she's NOT feeling good about them:

"The recent events have been very heavy because it's public and people are looking at me under a microscope. I'm heartbroken."

"It has been a steep learning curve in a business I knew nothing about. I am back to doing what I know and will recover some of my loss with continued hard work…facing this reality is not pretty for me."

Sorry to hear all of this, Sonja, but at least you're being honest about everything, and as we said back in November, we'd imagine you can probs use your connection to the Housewives franchise to make some of that money back!

Do U think Sonja will recover from her financial woes?

[Image via WENN.]

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American Apparel May File For Chapter 11

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It looks like American Apparel is finally coming to terms with their crappy financial situation.

The scandal-plagued company said in their filing with the SEC on Thursday, they "may need to voluntarily seek protection under Chapter 11 of the U.S. Bankruptcy Code" if cash flow doesn't improve.

AA went on to add they may be forced to liquidate if they can't come up with a reorganization plan or find bankruptcy financing.

Bummer.

[Image via AP Images.]

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