Several Hostess bakery workers in Tulsa continued their strike even after a stern warning from the executive management in which the workers were asked to return to work or the company will be liquidated.

The trade unions are waiting to see if the executive management will really move to file in bankruptcy court to shut down every factory in the country and begin the liquidation process for the company. The company had said in a statement on Wednesday that it will begin the liquidation proceedings if the workers did not return to work by 4 p. m. Thursday.

Workers have been striking since Saturday over proposed wage and benefit cuts that includes a 8 per cent cut in salary and major changes to pension and overtime rules. Hostess executives argue that the cuts are necessary as the company looks to turnaround itself after recording a loss of $340 million in the previous year.

Chairman and CEO Gregory F. Rayburn said in a statement Thursday that, "We simply don't have the financial resources to survive an ongoing national strike."

The deadline set by the management passed but the strikers continued to protest. A company spokesperson has said that the company will not release more updates until Friday morning.