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Cake wreck: Hostess from icon to bust

How the baker went from the lunchbox to a series of bankruptcy courts.

• Hostess is bankrupt ... again
1925: Continental Baking Co. buys Taggart Baking, maker of Wonder Bread. Continental becomes the largest bakery in the U.S.

1930: Continental baker James Dewar (right) gets the idea to make an inexpensive cream-filled sponge cake using strawberry shortcake equipment that sat idle in the off-season. The Twinkie is born.

By Anne VanderMey, reporter @CNNMoney - Last updated July 26 2012: 5:42 AM ET
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