Last updated on August 30th, 2022 at 03:39 pm
The Kroger Co. and Walmart Stores Inc. are reportedly among the bidders for assets being sold by Hostess Brands Inc., the bankrupt maker of Wonder bread and Twinkies, Bloomberg reports.
There are about two dozen bidders, a person familiar with the matter told Bloomberg. The source asked not to be named because the process is confidential.
Bloomberg says that a few of the bids are for all the assets, some are for just the cakes or breads businesses, and others are interested in individual Hostess plants or products, according to the person. Other first-round bidders include Grupo Bimbo SAB and Alpha Baking Co., the person said.
The 82-year-old maker of Hostess CupCakes, Ding Dongs and Ho Hos said last month that it would liquidate and fire more than 18,000 workers after failing to reach agreement with its striking bakers’ union on concessions to help it emerge from its second bankruptcy.
Representatives for Irving, Texas-based Hostess, Walmart, Kroger, Alpha Baking and Bimbo declined to comment on the auction process, according to Bloomberg. C. Dean Metropoulos & Co., the private-equity firm that owns Pabst Brewing Co., planned to submit a bid, Daren Metropoulos, a principal at the Greenwich, Connecticut-based firm, said this week. He didn’t respond to a request for comment, Bloomberg says.
