Twinkies and the new reality

The end of Hostess Brands Inc. is a lesson for us all.

Hostess, maker of Twinkies, Ding Dongs and Wonder Bread, was trying to emerge from its second bankruptcy in three years, when a bakery workers’ strike effectively signed the company’s death warrant. When the strikers refused to return to work, the company shut its doors, putting 18,500 people out of work.

The bankruptcy judge made one final attempt at mediation, but the union president didn’t attend, sending another union officer in his place. When the sides couldn’t agree, Hostess officials said they would proceed with plans to liquidate...