U.S. Markets closed

Crumbs Bake Shop Shutters Doors as Craze for Cupcakes Wanes

Crumbs Bake Shop is no more after the publicly traded cupcake company announced it was shuttering operations at its stores Monday evening, giving employees little more than a day's notice.The company has ceased operations as it evaluates its limited remaining options, one of which could include a bankruptcy filing, a spokesperson said in a statement. At the time of listing in mid-2011, shares soared above $13 a share. However, with little diversity among its high-calorie offerings, New York-based Crumbs quickly began to slide. Since then, shares have cratered 99.7%, a response to bleeding profits and underperforming locations.