The abrupt news Crumbs Bake Shop planned to close had many analysts making Icarus-like comparisons of a company that tried to soar too high too quickly.
The cupcake shop whose very name evoked images of mere morsels leftover when customers were finished became just that Monday, crumbs. The abrupt news Crumbs Bakeshop planned to close had many analysts making ichorous-like comparisons Of a company that tried to soar too high too quickly. CEO is saying that basically we are out of options, they still may file for bankruptcy, the employees notified very suddenly that they would no longer have jobs the cupcake craze, of course, swept in. Apparently sweeping out as well. Most media outlets sourced the Wall Street Journal as breaking the news late Monday. The NASDAQ suspended trading of Crumbs shares just last week with the company unable to overcome major losses in recent years. Take a look at reported losses of $18.2 million In 2013 and $10.3 million in 2012. While any evidence is circumstantial, the gourmet cupcake boom appeared to start about the time the women of HBO's Sex and the City went to Magnolia Bakery in New York City in a 2000 episode. With a buy out and going public three years ago, major company expansion, like this grand opening in Chicago, coincided with the apparent end of the gourmet cupcake boom. Trading as high as $13.30 a share only about a month after Crumbs went public in the summer of 2011 The Wallstreet Journal reports shares hovered at 30 cents when NASDAQ suspended trading. The Brooklyn's location manager said employees were told Monday they wouldn't get paid past that day. He said, I come into work to Today I'm happy, I'm skipping to work, and suddenly I don't have a job. Founded in 2003 by a Manhattan couple, Crumbs Bakeshop has nearly 50 stores spread across the east and west coasts. Thanks for watching I'm Cliff Judy.