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Cupcake chain Crumbs Bake Shop closed each and every one of its stores yesterday, following a suspension from the Nasdaq Stock Market. The Wall Street Journal explains that "Crumbs went public three years ago at the height of the gourmet-cupcake boom. Since then, its financial outlook has grown bleak amid several years of losses, a dwindling cash supply, and a food craze that is petering out."
Employees were notified on Monday morning that they'd basically be out of a job by the end of the day. A company statement said they're "immediately attending to the dislocation of its devoted employees."
The bakery operated over fifteen stores in New York City, including a few strategically placed locations like the Upper West Side shop that was right near Equinox. Obituaries have flooded the Crumbs Facebook page, like this one: "Ship me a dozen so I can say goodbye? Tried to on the online store but it's been shutdown as well."
· Crumbs Bake Shop Closing Its Doors [Wall Street Journal]