Hostess Brands Inc., Irving, Texas, has made its final contract offer to selected union members. The offer includes lowering wages and commissions by 8% in the contract's first year, reports The Washington Post. Hostess also is reportedly considering the possible sale of its Merita brand.

The maker of Twinkies, Ho Hos and other snack cakes is trying to reduce operating costs and attract additional financing that would be needed to exit Chapter 11 bankruptcy. The Teamsters represent nearly 8,000 Hostess workers, according to the report.