A spokesman for the privately held Irving, Texas, bakery company declined to comment on the report.
The Wall Street Journal said people familiar with the matter said the company is facing a cash crunch with more than $860 million in debt, high labor expenses and rising ingredient costs.
When the company, then called Interstate Bakeries and based in Kansas City, Mo., filed for bankruptcy protection in 2004, it blamed low sales and high fixed costs. It emerged in February 2009.
Hostess Brands employs about 19,000 workers and operates in 49 states. Annual sales are about $2 billion, according to the company's website.
