Twinkies, Wonder Bread, Sno Balls. These iconic American brands could soon be gone from grocery store shelves after Hostess announced plans to wind down its operations over an impasse with union workers.

The 82-year-old company has been in bankruptcy since January and has been trying to negotiate concessions. The bakers union walked off the job last week and the company said it no longer has the resources to get through a prolonged work stoppage.

Megyn Kelly sat down with Gerri Willis, host of The Willis Report on Fox Business Network, to discuss the situation on America Live. Willis estimated that if Hostess' 18,500 workers have to file for unemployment benefits it would cost taxpayers $438.5 million, along with $58 million in Medicaid benefits that could be sought.

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