Hostess will hold talks with its bakery workers union to try to avoid the company being shut down. Bad news for people who may have bid thousands of dollars on Twinkies.

Attention Twinkies lovers! All is not lost. Parent company Hostess begins its liquidation process, and one rumored buyer is a global bakery conglomerate from Mexico.

As Hostess Brands moves to close down, it seeks to sell its iconic brands like Twinkies and Wonder Bread to the highest bidder.

The snack cake maker has filed for permission to liquidate, but will Twinkies go down with it?

Hostess heads towards Chapter 11 for the second time in eight years. What does the future hold for iconic brands like Twinkies and Wonder Bread?