Reuters reports this morning via the Chicago Tribune:

Hostess Brands Inc., the bankrupt maker of Twinkies and Wonder Bread, said it had sought court permission to go out of business after failing to get wage and benefit cuts from thousands of its striking bakery workers.

Hostess said a strike by members of the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union that began last week had crippled its ability to produce and deliver products at several facilities.

The Irving, Texas-based company said the liquidation of the company would mean that most of its 18,500 employees would lose their jobs.

Hostess gave striking workers until 4 p.m. Thursday to return to work to avoid this liquidation. The workers have indicated that they have already conceded enough during these bankruptcy proceedings and could not afford another 8 percent reduction in salaries. Now their salaries will be reduced 100 percent.

Peoria’s Hostess plant is located at 1511 W. Lincoln Ave. and and employs about 200 people, according to published reports.