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Hostess heading toward liquidation
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.S. bankruptcy Judge Robert Drain said Wednesday that Hostess Brands, which produces pastries such as the Twinkie, must return to "a liquidation scenario" after talks with its bakers' union failed to avert a shutdown that will cost 18,000 people their jobs. Hostess is asking Drain for permission to close its facilities and take steps toward selling assets. Hostess reportedly has seen a "very healthy competition" for its brands.

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