Perhaps more frightening than children growing up desperately swiping at television and desktop computer screens is the fact that these children (or more accurately, their children’s children) could grow up in a world without Twinkies.

Hostless Brands Inc. is preparing to file for Chapter 11 bankruptcy protection. Though nothing is certain yet, what is known is that they’re losing money and are about $900 million in debt, according to a report in the Wall Street Journal.

The company is down, but not out. Nothing is official and this move could just signal internal restructuring (layoffs and plant closing, probably).

Could this be a ripple effect caused by those affluent Generation-X and Y’ers signalling a shift towards local and organic food and a ‘back-to-basics’ eating mentality? At the very least, that probably isn’t helping the maker of Wonder Bread, Ding Dongs and several other high-sugar treats.

The beginning of the end may have been signaled, however, when Wonder Bread announced that they were changing their recipe to eliminate “artificial preservatives and other added chemical additives.” That sounds like an admission of guilt to me (yes, our bread was bad for you) and probably shows that a more health-conscious generation isn’t nearly as interested in processed food as the last.

In an attempt to salvage the Twinkie brand, Hostess introduced Twinkie-bites, a 100 calorie snack filled with that signature yellow-tinged creme filling. Too little, too late? Or simply a misguided attempt at engaging health-conscious mom-bloggers? Perhaps both. Hostess would have been wiser to embrace the heritage of their brand and the notion of a ‘once in a while’ treat, perhaps creating some throwback commercials like the one below?