Hostess alleges a strike by bakery workers could force liquidation. Jesse Russell reports:

Hostess Brands is threatening to start shuttering plants if striking workers don’t return to the picket lines. Twenty-three of the company’s 36 plants had been hit by strike actions as of Monday morning. The strike is being waged by members of the Bakery, Confectionary, Tobacco Workers and Grain Millers International Union and follows months of negotiations as the company seeks to find the path out of bankruptcy. As of Monday deliveries were still being made due to the Teamsters being unclear if their contracts, reached in September, allows for the crossing of picket lines. The company made a contract proposal that 92 percent of the bakery workers chose to vote down. According to the union the contract proposal sought wage andbenefit cuts that would have amount to between 27 and 32 percent for the average worker. This is the second time since 2004 that Hostess has faced bankruptcy. The union said that since that first bankruptcy they’ve watched as the CEO and top executives received massive raises and bonuses.