The Twinkie Is Dead: Hostess to Close, 18K+ Layoffs Expected

No more Twinkies. No more Ho Ho's. No more Wonder Bread. No more Ding Dongs.

Hostess is dead.

The company plans to go out of business, lay off its 18,500 workers, and sell its snack cake and bread brands. Hostess claims a nationwide strike crippled its ability to make and deliver its products.

"We deeply regret the necessity of today's decision, but we do not have the financial resources to weather an extended nationwide strike," said CEO Gregory Rayburn in a statement.

The Irving, Texas, company suspended bakery operations at all its factories and said its stores will remain open for several days to sell already-baked products.

The company had warned employees that it would file a motion in U.S. Bankruptcy Court to unwind its business and sell assets if plant operations didn't return to normal levels by Thursday evening. The privately held company filed for Chapter 11 protection in January, its second trip through bankruptcy court in less than a decade.

"Many people have worked incredibly long and hard to keep this from happening, but now Hostess Brands has no other alternative than to begin the process of winding down and preparing for the sale of our iconic brands," Rayburn said.

He added that all employees will eventually lose their jobs, "some sooner than others."

Screen grab of Hostess' website

"Unfortunately, because we are in bankruptcy, there are severe limits on the assistance the (company) can offer you at this time," Rayburn wrote.

Thousands of members of the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union went on strike last week after rejecting in September a contract offer that cut wages and benefits. Hostess said Friday the company is unprofitable "under its current cost structure, much of which is determined by union wages and pension costs."

Hostess has said that production at about a dozen of the company's 33 plants has been seriously affected by the strike. Three plants were closed earlier this week.

Hostess had already reached a contract agreement with its largest union, the International Brotherhood of Teamsters.

The company, founded in 1930, was fighting battles beyond labor costs. Competition is increasing in the snack space and Americans are increasingly conscious about healthy eating. Hostess also makes Dolly Madison, Drake's and, Nature's Pride snacks.

In memoriam:

Final Thought: Cheer up, guys. The Twinkie isn’t dead just yet. As Hostess CEO Greg Rayburn told CNBC this morning, the company is looking to sell its assets to the highest bidder. Provided they find a buyer, the Twinkie, Ding Dongs, Sno Balls, etc., will survive -- just with a different company.

Now as for those 18,500 jobs, well, that's a different story.

URGENT WILL TRADE ENTIRE NUCLEAR ARSENAL FOR LAST EXISTING BOX OF TWINKIES CONTACT ME ON MYSPACE KTHXBYE

— KimJongNumberUn (@KimJongNumberUn) November 16, 2012

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The Associated Press contributed to this story. This story has been updated.