Gregory Rayburn, the chief executive of Hostess, the maker of the iconic Twinkies, Ho-Hos and Ding Dongs, has announced this morning that the company will shutter its doors and lay off its 18,500 workers after striking members of the Bakers Union failed to reach an agreement with the company's management by last night's deadline.

Hostess said earlier in the week that if the workers didn’t get back to work by Thursday, that the snack food maker would close its doors to business on Friday. The Bakery, Confectionary, Tobacco Workers and Grain Millers International Union didn’t blink. President of the union said that the company was using the union as a scapegoat and that the closure was due to a decade of fiscal and operational mismanagement.

The long-lived bread and snack maker, which has roughly $2.5 billion in annual sales said that all operations in its 33 plants has come to a stop and the company will begin liquidation of its assets. “We’ll be selling the brands and as much of the infrastructure as we can,” said company spokesman Lance Ignon.

“We deeply regret the necessity of today’s decision, but we do not have the financial resources to weather an extended nationwide strike,” Rayburn said in a statement. “Hostess Brands will move promptly to lay off most of its 18,500-member workforce and focus on selling its assets to the highest bidders.”

Hostess blamed the closure of its doors to the members of the Bakery, Confectionary, Tobacco Workers and Grain Millers International Union, who went on strike on November 9th. Hostess was able to come to an agreement with its largest union, the International Brotherhood of Teamsters. In court documents, Hostess says that it would have incurred a loss of between $7.5 million and $9.5 million between November 9th, when the strike began and November 19th.

This is the second bankrupcy for the 82-year-old company. The first was in 2004.

No buyer was found for the business as a whole, but Hostess says that it has proposals for certain assets. The fate of the company’s brands are uncertain.