Ding Dong, the Twinkie’s dead, a strike could spell the end for Wonder Bread. After 82 years baking America’s favorite sweets and loaves, Hostess Brands Inc. says it will ask a US bankruptcy judge for permission to liquidate all assets if “enough” striking workers do not return to work by the end of Thursday. The Irving, Texas-based company is in the middle of its second bankruptcy reorganization in eight years.

When Hostess reached an agreement including pay and benefit cuts with its largest union ,the International Brotherhood of Teamsters, employees belonging to the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union—which constitute about one-third of Hostess’ 18,000 employees—went on strike. The rejected cuts, which had been approved by the bankruptcy court, included wage decreases of 27 percent and benefits losses of about 32 percent.

“We simply do not have the financial resources to survive an ongoing national strike,” Hostess chief executive Gregory Rayburn said in a statement. “It is not up to Hostess’ BCTGM represented employees and Frank Hurt, their international president, to decide if they want to call off the strike and save this company or cause massive financial harm to thousands of employees and their families.”

Hurt, however, said BCTGM workers are “not willing to take draconian wage and benefit cuts on top of the significant concessions they made in 2004 and give up their pension so that the Wall Street vulture capitalists in control of this company can walk away with millions of dollars.”

Hostess has already requested a Monday hearing on the liquidation motion. If a judge grants permission to liquidate, Hostess plans to begin closing all operations as early as Tuesday.

“The closures will include the termination of all employees except small, temporary crews to clean, secure and prepare facilities and other assets for sale,” the company stated.

According to Hostess’ Web site, it has continued production at 24 of its 36 bakeries because of supervisors and union members who crossed picket lines. On Nov. 14 more than 570 employees crossed picket lines nationwide.