Hostess, the company that bakes the iconic Twinkie snack cake and the U.S. kitchen staple Wonder Bread, is going out of business.

The bankrupt bakery asked a court Friday for permission to shut down its ovens and liquidate its assets, putting more than 18,000 people out of work.

Hostess workers went on strike last week against management demands to cut wages, pensions, and health care which the company says it could no longer afford. The union says Hostess failed to modernize its aging plants and product line in the face of strong competition and consumer demands for healthier snacks.

Hostess says other bakeries have expressed interest in buying some of its better-known brands.

Hostess started baking bread and cup cakes in 1930. Its products have been a part of childhood lunch boxes and U.S. dinner tables ever since. But nutritionists call many Hostess treats “junk food” because of their high sugar and fat content.