Crumbs Bake Shop shuts down all 65 stores - FOX 32 News Chicago

Crumbs Bake Shop shuts down all 65 stores

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Crumbs Bake Shops are no more. The cupcake maker told workers it was shutting down all stores by the end of business on Monday.

Crumbs was founded on the Upper West Side in 2003, selling gourmet cupcakes and is credited with pioneering the cupcake craze in New York City. The family-owned shop was bought by a shell company in 2011 and went public that June.

Since going public, Crumbs has faced serious financial problems. In 2012, Crumbs lost $10.3 million, according to securities filings. In 2013, Crumbs lost an additional $18.2 million on top of their 2012 losses.

The stock plummeted below 30 cents in June, prompting Nasdaq to suspend Crumb’s stock from the exchange because it didn’t meet the minimum stockholders equity requirement.

165 employees and 655 part-time workers were let go as a result of the shutdown of the stores, including the shop at Water Tower Place and along West Madison Street.

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