Hostess sells bread brands, bakeries, depots for $390M

NEW YORK Hostess Brands says it is selling most of its bread business, including the Wonder and Nature's Pride brands, to Flowers Foods (FLO) for $390 million.

• Twinkies maker threatens to liquidate
  
• Bidders cast hungry eyes on Hostess, Twinkies?
  
• Twinkies maker Hostess Brands ready for big bake sale
  

The sale also includes Butternut, Home Pride, Merita and Beefsteak breads, along with 20 bakeries and 38 depots.

Hostess, the creator of Twinkies and Ding Dongs, said in a statement on Friday that the company will sell its remaining brands, including its snack cakes, separately.

"We are pleased with the Flowers offers and look forward to a robust auction process that will allow these iconic brands to continue and to maximize value for all of the Company's stakeholders," said Gregory F. Rayburn, chairman and CEO of Hostess Brands. "We also continue to negotiate with parties interested in purchasing our snack cake business and remaining bread brands and expect to select additional stalking horse bidders as soon as reasonably practicable."

Hostess, which is based in Irving, Texas, announced in November that it was shutting down its business and selling its bread, snacks and cakes brands along with its 33 bakeries and other operations.

The company's demise came in its second attempt since 2004 to restructure itself under bankruptcy protection.

Flowers Foods is based in Thomasville, Ga.