Crumbs Bake Shop Closes Down All Locations
NEW YORK (CBSNewYork) — The Crumbs Bake Shop closed all of its locations at the end of business Monday night, a manager told CBS 2.
The manager of the Crumbs bake shop in Times Square confirmed that the chain – which as of 2011 was reported to be the largest chain of cupcake bakeries in the country – was to close all its stores.
Corporate representatives did not immediately return calls for comment. But an employee expressed disappointment.
“Crumbs has been really good to us, so I can’t be mad,” said employee Sandra Davis. “Unfortunately, we have to go.”
Crumbs went public amid a gourmet cupcake boom in 2011, but has been suffering as the boom has fizzled out, according to a Wall Street Journal report. Nine stores shut down in the closing months of 2013, and six more at the beginning of this year, the newspaper reported.
NASDAQ suspended the trading of Crumbs shares last week, on the grounds that the company no longer had at least $2.5 million in shareholder equity, or met benchmarks for a market cap or annual net profit, the newspaper reported.
Crumbs opened in 2003 on the Upper West Side, with what it called a menu of an “irresistible blend of comfort-oriented classics and elegant baked goods.” The chain offered more than 50 varieties each baked fresh daily and a new cupcake of the week every Monday.
Cupcakes came in three main sizes from the 1-inch “taste” to the 6.5-inch “colossal.”
The chain operated multiple locations in Manhattan, Brooklyn, Queens and Staten Island, as well as Long Island, New Jersey and Connecticut; and in Boston; Chicago; Los Angeles; Washington, D.C.; Delaware; Maryland; Pennsylvania; Virginia; and Rhode Island.
In all, there were 48 locations in operation nationwide as of the closing announcement. There were 50 locations listed on the company website, but the two Chicago locations were already listed on the company website as “closed temporarily.”
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