Hostess won permission this week from a U.S. Bankrupcty judge to liquidate and sell off its brands, the Chicago Tribune reported.
The bankruptcy of 82-year-old company will cost about 15,000 people their jobs immediately, with another 3,200 people to be let go in coming months, the newspaper reported.
Although Hostess was a troubled company with more than $1 billion in debt, its iconic brands still generated more than $2 billion in revenue a year. So it is quite possible that someone will buy some of the company's products as part of the liquidation.