Business

Hostess says bid nearly ready for Drake’s cakes

NEW YORK — Hostess said Friday it expects to unveil a bidder for Drake’s snack cakes next week, although the fate of Twinkies is still being negotiated.

Drake’s cakes, which include Devil Dogs, Funny Bones, and Yodels, are among the brands Hostess is selling after announcing in November that it was shutting down.

Advertisement

Earlier this month, Hostess Brands Inc. filed bids by Tastykakes maker Flowers Foods Inc. to buy six of its bread brands, including Wonder, for $390 million.

Hostess, which is based in Irving, Texas, is filing bids for its popular brands in stages. These stalking horse bids set a floor for an auction process that lets rivals make better offers. The final sale must be approved by a judge in bankruptcy court.

Get Business Headlines in your inbox:
The Globe's latest business headlines delivered every morning, Monday through Friday.
Thank you for signing up! Sign up for more newsletters here

Hostess spokesman Lance Ignon said the company expects to file bids for the rest of its brands in the ‘‘near-term.’’

Its breads and snack cakes also include Ho Hos, Ding Dongs, and Zingers.

The company’s demise came after years of management turmoil and turnover, with workers saying the company failed to invest in its brands.

Advertisement

Hostess filed for Chapter 11 bankruptcy protection for a second time in less than a decade in January 2012, citing costs associated with its unionized workforce. It had about 18,500 employees when it said that it was shutting down after it was unable to reach a deal on a new contract with striking workers.

Loading comments...
You're reading  1 of 5 free articles.
Get UNLIMITED access for only 99¢ per week Subscribe Now >
You're reading1 of 5 free articles.Keep scrolling to see more articles recomended for you Subscribe now
We hope you've enjoyed your 5 free articles.
Continue reading by subscribing to Globe.com for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.