Crumbs Bake Shop Shutters Doors as Craze For Cupcakes Wanes
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- July 8, 2014
Crumbs Bake Shop is no more after the publicly-traded cupcake company announced it was shuttering operations at its stores Monday evening, giving employees little more than a day's notice.The company has ceased operations as it evaluates its limited remaining options, one of which could include a bankruptcy filing, a spokesperson said in a statement. At the time of listing in mid-2011, shares soared above $13 a share. However, with little diversity among its high-calorie offerings, New York-based Crumbs quickly began to slide. Since then, shares have cratered 99.7%, a response to bleeding profits and underperforming locations.
