Hostess Brands CEO said Wednesday the company will liquidate unless striking workers return to the job by the end of the day on Thursday.
"We simply do not have the financial resources to survive an ongoing national strike," Greg Rayburn said in a statement.
Workers are protesting a contract imposed by a bankruptcy court. The bakers union has called the contract "outrageous."
A liquidation would result in more than 18,000 workers losing their jobs.