Remember the great cupcake craze of the new millennium?
Basically, a few years ago, having a store that made high-end, gourmet cupcakes was the shiznit.
Now, stores are struggling to move their caramel macchiato cupcakes and other tasty treats!
The latest casualty is Crumbs Bake Shop Inc., who just yesterday told all their employees they're shutting down all of their stores.
The company said in a statement:
"Regrettably Crumbs has been forced to cease operations and is immediately attending to the dislocation of its devoted employees while it evaluates its limited remaining options."
Crumbs has 48 stores in 10 states and now they're all closing after the Nasdaq Stock Market suspended the trading of Crumbs' shares.
Even though they were popular, with celebrities often grabbing their cupcakes, the company never reached the numbers and profits needed to survive as a publicly traded company.
It's a sad day for the gourmet cupcake industry.
Tags: business blitz, company, cupcake, cupcakes, employees, food, food porn, market, sad sad, store, treats