I suspect this is what will happen. Hostess and a few of its products are iconic brands. What is a county fair without a deep fried Twinkie? I don't think Hostess will vanish into thin air. The brand does have value and I am sure will be sold in the liquidation of Hostess.
I feel sorry for the employees that did not support the strike. I remember being appalled by union thug tactics when I first heard of them in middle school (we called it jr. high school then). The unions used violence against their opposition. I was even more shocked when a good friend of mine believed that violence is acceptable. (His father is a union guy.)
I don't feel sorry for the employees that supported the strike. That was their choice.