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View Diary: Private equity-owned Hostess blames striking workers as it liquidates (263 comments)

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  •  Thoughts on this article? (1+ / 0-)
    Recommended by:
    joynow

    http://management.fortune.cnn.com/...

    Interesting counterview, I thought, painting the situation as dire all-around.

    Is this just math that you do as a Republican to make yourself feel better?

    by ConfusedSkyes on Fri Nov 16, 2012 at 07:48:21 AM PST

    •  True enough... (5+ / 0-)

      The Wall Street Journal cited the current CEO:

      Mr. Rayburn blamed a host of factors, from years of mismanagement to a lack of capital investment to legacy labor costs, for the demise of the company, which was founded in 1927 as Schulze Baking Co.

      "I think there's blame to go around everywhere," he said. "There's almost nowhere you can look that didn't play a role in the company ending up in this position."

      I'd say that the first two points--mismanagement and lack of capital investment--can be laid squarely at the owners' feet.

      It should be noted that the current CEO, like his 5 predecessors over the last 8 years, has no experience in the bread/cake baking industry; he's a "restructing specialist" hired last year after the previous CEO took his $2.5-million payday and bolted last year.

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