Hostess Brands Inc. said the mediated talks, held at the behest of Judge Robert Drain, with the Bakery, Confectionery, Tobacco and Grain Millers Union failed to bear fruit, the Los Angeles Times reported.
Hostess, which has its headquarters in Texas, will return to bankruptcy court in White Plains, N.Y., Wednesday morning to push for approval to liquidate.
The company, makers of Twinkies, Ding Dongs, Ho Ho's and Wonder Bread, said it would have no further comment until then.
Hostess has said a strike by workers represented by the union was key to its decision to shut down its operations. The union charges Hostess management has lined its nest at the expense of rank-and-file workers' wages and benefits.
The Times said among the reported potential buyers for Hostess' assets are Hurst Capital, Flowers Foods, Sun Capital Partners and Bimbo Group.