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UPDATE, 3:30 p.m.:Multiple news outlets are reporting that Hostess and the company’s second-largest union have agreed to mediation, possibly avoiding liquidation.
News reports that Hostess Brands will file for bankruptcy and plans to sell off iconic American brands like Wonder Bread and Twinkies have mostly centered on the debilitating fight between the company and one of its largest unions. But there’s a bigger reason Hostess is disappearing.
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