Hostess Redirected Pension Funds to Operations

Photo courtesy of Chicago Tribune
Hostess Brands Inc. said it used wages that were supposed to help finance employee pensions for the company’s operations as it sank toward bankruptcy.

The company, which shut down last month, told The Wall Street Journal it wasn’t clear how many workers were affected or how much money never wound up in their pension plans as promised. Hostess, now based in Irving, Texas, had its headquarters in Kansas City for many years when it was Interstate Bakeries. Three of its plants are in Lenexa; Emporia, Kan.; and Boonville, Mo.

Read more on Kansas City Star.

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