Well, when pushed management admitted that they'd make their own fair share of mistakes.

http://www.nbcnews.com/business/relax-twinkies-likely-live-1...

And there's hope! Hostess thinks they may be able to sell the brands to a competitor.

True:
In an interview with CNBC, the CEO laid the lion’s share of the blame at the feet of the striking union. However, he acknowledged that management missteps, particularly ones that saddled the company with debt when it last emerged from bankruptcy after more than four years of restructuring in 2009, also contributed to the company’s current situation.

...

The CEO did offer a ray of hope for Twinkie fans. “I'm hopeful that we can sell the brands,” he said. “I think that obviously competitors will be looking at those and then they have to make a judgment.”

Ayup! Local bakeries have been selling look-alike cream filled sponge cake bars for years under their own brand names. Whether they'll be willing to shell out big bucks for the right to the Twinkies brand name remains to be seen.