(Memphis) Hostess Brands has reached a deal to sell off six of its popular brands of bread — including Wonder Bread — to Georgia-based Flowers Foods.
Flowers Foods, best known for making Tastykakes and Nature’s Own bread, will purchase the brands for $390 million.
The deal includes the Wonder Bread bakery on Madison Ave. in Memphis, where 250 people lost their jobs last fall when Hostess shut down production after failing to reach a deal with union workers.
Flowers was chosen over several high-profile bidders — including major retailers like Walmart and Kroger. The sale is expected to close by the end of April.
Hostess plans to announce the winning bids for its popular dessert cakes — including Twinkies, Ho Hos and Ding Dongs — sometime in the next few weeks.