John V. beat me to it!

The truth is Hostess has been on the ropes for years. They've gone bankrupt twice. Their snack cakes are not nearly as popular as they used to be. The shift to low-carb dieting has hurt them as well as other businesses like Krispy Kreme.

This year their CEO quit and got himself an $3.5 million dollar severance package. I think he saw the writing on the wall and got out while there was still some money to take with him.

The bakers' strike was just the killing blow for a company that was nearly dead already.