Hostess selling Drake's brands
The Wall Street Journal reported Hostess Brands Inc. won U.S. Bankruptcy Court permission to sell its Drake's brands of coffee cakes and other treats to McKee Foods Corp., which makes Little Debbie snack cakes, for $27.5 million.
Hostess's Sweetheart, Eddy's, Standish Farms and Grandma Emilie's bread brands, plus four bakeries and 14 depots, were sold for $30.9 million to a subsidiary of United States Bakery Inc., the Journal reported.
The brands are the last of the Hostess cake and bread assets to be sold, raising the proceeds from its liquidation to $860 million.
In March, Hostess won U.S. Bankruptcy Court permission to sell the majority of its cake brands, including Twinkies, to Apollo Global Management LLC and Metropoulos & Co, which teamed up with an offer of about $410 million, the Journal reported, saying Twinkies could be back in the market by summer.
Flowers Foods Inc., based in Thomasville, Ga., won the right to buy 20 bread bakeries, including the Hostess bread bakery in North Jacksonville, for $360 million. Grupo Bimbo SAB de CV of Mexico won the bid for the Beefsteak rye brand for $31.9 million.
Sashimi Fusion planned in East Arlington
Construction has begun at the Cobblestone Crossing shopping center in East Arlington for Sashimi Fusion Japanese Restaurant.
The City approved a permit this week for the restaurant at 2771 Monument Road, No. 5, and plans referred to it as Sashimi Sushi Grill Bar & Lounge. A handwritten sign in the window refers to it as Sashimi Fusion Japanese Restaurant.