Hostess files for Chapter 11
NEW YORK — The maker of Twinkies and Wonder Bread has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York.
Irving, Texas-based Hostess Brands carried $860 million in debt and also faced high labor costs and rising prices for sugar and other ingredients that exceeded its annual sales of about $2.5 billion, according to published reports. Hostess previously filed for bankruptcy protection in 2004 and emerged in 2009.
The company has about 19,000 employees at 36 bakeries and 570 outlets nationwide, as well as 5,500 delivery routes and 565 distribution centers, according to its website.
Kashi boosts GoLean Crisp! line with new cereal
LA JOLLA, Calif. — Just two years after launching its GoLean Crisp! line, Kashi announced that it has added a new cereal to the mix.
New Kashi GoLean Crisp! cinnamon crumble cereal features light and crispy whole grain clusters with natural cinnamon and offers 10 g of protein, 20 g of whole grains in each serving, and is a good source of fiber, Kashi said.
Kashi GoLean Crisp! cinnamon crumble cereal now is available at grocers and natural food retailers nationwide for a suggested retail price of $3.99.
Sun Products taps Al Drewes as finance chief
WILTON, Conn. — The SVP and CFO of Pepsi Bottling Group is heading to Sun Products.
Sun Products, known for its laundry detergent, fabric softeners and other household products, announced that Al Drewes will join the company as EVP and CFO. In his role, Drewes will be responsible for all aspects of financial planning and accounting, tax, audit, treasury as well as IT, strategic planning, mergers and acquisitions for the company.
“Al brings extensive global financial experience and a strong strategic focus that will help build our company and deliver results,” Sun Products president and CEO Jeffrey Ansell said. “With his broad commercial and financial expertise spanning more than 25 years, and a proven track record of leading new business development in the consumer products industry, we are delighted to add an executive of such accomplishment to our leadership team.”