Court Gives Hostess the Go-Ahead to Liquidate - Central Coast News KION/KCBA

According to CBS NEWS, Hostess has received approval from a judge to wind down its business and sell all of its assets.

There were some last ditch efforts between the company and union representatives but they were unable to reach a deal.

"Hostess Brands is winding down the company after a nationwide strike initiated by the BCTGM that commenced on November 9 crippled its operations at a time when the company lacked the financial resources to survive a significant labor action," the food giant said in statement.