The seemingly imperishable Twinkie finally may have an expiration date.

Hostess Brands Inc., the 85-year-old maker of iconic treats such as Twinkies, Ding Dongs and pantry staples like Wonder Bread, on Friday said it would go out of business after failing to reach agreement on wage and pension cuts with its bakers' union.

The Irving, Texas-based company, which filed for Chapter 11 for a second time in January, closed all factories and asked a judge for permission to start proceedings that will mean job losses for about 18,500 employees and could result in more than 30 brands being sold or disappearing. Liquidation firm Great American Group Inc . and C. Dean Metropoulos & Co., owner of beer brands including Pabst Blue Ribbon, have signaled interest in Hostess's brands.

The move endangers American treats and snacks that have graced supermarket shelves for decades, but have had trouble keeping up with trends toward healthier snacking. The Twinkie—a sugary mix of rich cream filling encased in a tubular yellow cake—appeared often in lunchboxes and popular films.

It also showed organized labor's willingness to test the boundaries of wage and benefit givebacks. During and after the 2008 financial crisis, auto workers and others readily agreed to concessions deemed crucial for survival. But this year, workers at Caterpillar Inc. and Hostess walked off the job instead. Caterpillar's union later relented.