Don't worry, Hostess will be back after everyone is let go. That or some other corporation will buy the name and recipes and start the brand back up. We'll go without Twinkies, or Ho-Ho's, or Wonderbread for 6-12 months, but I they won't be gone forever... there's value in that brand ($2.5B a year in sales) and someone will snatch it up.
Sucks that the executives let Hostess get into a position that they had to make such demands on the union workers (8% pay cut and 32% reduction in benefits) and conversely the union* didn't compromise.
*all of the other unions involved agreed to the concession... the baker's union was the last hold out.