The travesty of all travesties has come to pass.
On Monday, Crumbs Bake Shop told employees that they would be closing all shops by the end of the day. In June, NASDAQ stopped trading Crumbs stock because the company failed to meet the minimum stockholders equity requirement of $2.5 million, according to The New York Times.
Once the world’s largest cupcake empire, Crumbs Bake Shop may be looking to file bankruptcy.
A spokeswoman from the bake shop made the following statement:
“Regrettably Crumbs has been forced to cease operations and is immediately attending to the dislocation of its devoted employees while it evaluates its limited remaining options.”
Crumbs opened its first bake shop on the Upper West Side of Manhattan in 2003, following a Sex and the City-influenced cupcake obsession that swept through NYC. The bake shop is famous for their “Crumbs Signature Size cupcakes,” about $4.50 each.
Crumbs went public in 2011 with a total of 35 stores and expanded to D.C. and Philadelphia. By 2013, Crumbs had expanded to 70 locations but unfortunately for them, many other cupcake shops popped up in the demanding market.
Which, no shade, is fortunate for us. Because…cupcakes. We’ll still miss their ridiculously sized treats, though.
SOURCE: Business Insider | PHOTO CREDIT: Getty
