After more than 80 years of filling bellies with sugary snacks—including Twinkies, the cream-filled sponge cakes so impervious to the elements that they could supposely survive a nuclear armageddon—Irving, Texas–based Hostess Brands Inc. said Friday that it will wind down its operations and, with the U.S. Bankruptcy Court’s approval, liquidate all of its assets.

The announcement came as the bankrupt company—which is also known for such iconic products as Ho Hos and Wonder Bread, as well as the Dolly Madison and Drake’s brands—remained mired in a stand-off with its largest labor unions.

Hostess sought Chapter 11 protection in January with $1.4 billion in debt, three years after emerging from an earlier restructuring. (Skadden, Arps, Slate, Meagher & Flom corporate restructuring partner J. Eric Ivester advised Hostess—then known as Interstate Bakeries Corporation—in connection with that trip through bankruptcy, while Kasowitz, Benson, Torres & Friedman served as special litigation and conflicts counsel, according to our prior reporting.)

The company had hoped to restructure this time around by cutting labor costs, but workers represented by the Bakery, Confectionary, Tobacco Workers and Grain Millers International Union went on strike last week after rejecting a contract offer the union claims would significantly cut wages and benefits. Hostess closed a number of bakeries across the country earlier this week and threatened liquidation, and the company’s Thursday deadline for workers to return to their jobs passed with no resolution in sight.

Anyone visiting the Hostess website Friday found a barebones landing page topped by the headline “Hostess Brands Is Closed.” The company statement appearing beneath that banner referred to the stalled contract talks and said Hostess can not turn a profit under its existing cost structure, “much of which is determined by union wages and pension costs.”