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November 29, 2012
Likely brand sales won’t keep Hostess from screwing employees out of millions
- $1.1M in monthly retiree benefits will not be paid by Hostess during the company’s liquidation process according to an attorney for the company.
- $1.5M was collected by Hostess CEO Gregory Rayburn during fiscal 2012 — an average monthly salary of $125,000 — before bonuses or other incentives.
- $1.8M has been set aside for the incentive bonuses of 19 Hostess executives, bonuses which the company argues are needed to retain the corporate officers and other high-level managers. Maybe it’s just us, but does this sound like, “Let us pay ourselves another $2 million, or we’ll quit too!” to anybody else?source
17:27 // 1 year ago
November 15, 2012
Could these Twinkies outlast their parent company? Apparently, Hostess set a 5pm EST Thursday deadline for their striking employees to return to their jobs — or the company would liquidate, resulting in a loss of 18,000 jobs. “We simply do not have the financial resources to survive an ongoing national strike,” the company’s CEO, Gregory F. Rayburn, said Wednesday. The company won’t make a final decision until Friday, but now seems like a good time to stock up on some HoHos. (photo by Christian Cable/Flickr)
18:45 // 1 year ago
June 12, 2012
Everybody blames the Internet for the decline of newspapers, but the Web is only the most recent of electric interruptions to have disturbed their profitability, which began with radio in the late 1920s and was followed by broadcast television, car radios, transistor radios, FM radio, and cable television. Newspapers were in so much advertising trouble in September 1941 that Time magazine ran a piece about their “downward economic spiral.” Press scholar David R. Davies argues in his 2006 book The Postwar Decline of American Newspapers, 1945-1965 that daily newspapers were in serious trouble by the mid-1960s, because, among other things, they had failed to hook the baby boom generation. Los Angeles Times press reporter David Shaw sounded the alarm in a 1976 piece in his newspaper. It began: “Are you now holding an endangered species in your hands?” Update the figures and change a few dates and the names of the principals in Shaw’s piece and you could almost pass it off as a 2012 diagnosis of newspaper industry ills.
Jack Shafer, Reuters. The Great Newspaper Liquidation. (via futurejournalismproject)
In other news, hundreds of people lost their jobs today at the Times-Picayune and three major Alabama newspapers. Lame.
15:30 // 1 year ago
December 25, 2011
Which leads to the obvious question: Should we buy it from the people liquidating it? Does “Young Buck” sound like a great name for a news blog?
22:36 // 1 year ago
August 19, 2011
July 21, 2011
April 14, 2011