Bakery chain Crumbs has revealed it has closed all its stores with immediate effect.
The New York-based cupcake and coffee shop, which has 48 stores in 10 states, broke the news yesterday afternoon with a phone call to employees.
They were given just a few hours' notice they were losing their jobs.Which is probably more notice than the investors had that they were losing their capital;
Crumbs listed on the stock market in 2011 at the height of the cupcake boom.
....Trading of Crumbs shares on the Nasdaq index were suspended on July 1 after the company failed to meet a requirement of either having at least $2.5 million in shareholder equity or meeting benchmarks for its market cap or annual net profit.
Crumbs posted a loss of $18.2 million last year, which followed a loss of $10.3 million in 2012, according to securities filings,The Wall Street Journal reported.At least one segment of capital won't be growing at a higher rate than g.