The 'pirate' equity company (or as Romney pronounces it 'private' equity company) that owns the Hostess brands has asked a bankruptcy judge for permission to liquidate the company after workers refused to take yet another 30% cut in pay. The corporate media played this all up as being the fault of the unions of course.
The fact is that a company like this makes money hand over fist, and a succession of men like Mitt Romney simply carried all the money off. Purchased with nothing but debt, that was transferred in full to the company, as per the usual manner of such pirates. So began the process has made untold millions for the men in pin striped suits. This sort of thing was completely illegal until Ronald Reagan de-criminalized it, Letters of Marque as were: "The bearer may upon his discretion take all property of the enemy (the American people in this case) and suffer no penalty under the law. May God bless you and all the officers of your enterprise, and reward you handsomely. (and sniff, don't forget my cut)".
The pension plan alone was worth on the order of $2 billion, it's now in a pirate's chest buried in the Cayman Islands. The workers are down to the point where losing their jobs is not important anymore. If an actual baking company buys the assets it's possible they will be better off. This isn't the kind of operation you can move to China.
As for getting your Twinkies fix, fear not. During the height of the Cold War, a sprawling complex of caves in Missouri were filled with enough creamy treats to see the nation through decades of no food production that would be caused by the fallout. It's only been 50 years, that leaves another 950 years until the expiration date is reached. The expiration estimate is purely hypothetical, no laboratory technique was ever developed to simulate aging on package Twinkies. It's too bad Democracy isn't so enduring.