No Sweet Smell of Success for Bakery Bankruptcy

Written by CFB Blogger. Posted in Blog

Crumbs Bake Shop, an upscale, gourmet cupcake emporium, has closed all its stores, including two in Chicago. The bakery chain recently closed its stores, numbering in the (bakers’?) dozens in some 10 states and Washington, D.C. According to a news report from CBS Chicago, the bakery has experienced multimillion dollar losses. From the news story, “Regrettably Crumbs has been forced to cease operations and is immediately attending to the dislocation of its employees while it evaluates its limited remaining options,” according to an emailed statement. Crumbs was founded in 2003 in New York City, going public in 2011; they sold over-sized cupcakes in such flavors as Cookie Dough and Girl Scouts Thin Mints. However, the bakeshop had recently been suffering from a precipitous decline in sales. For the first quarter of this year, they reported a loss of $3.8 million, larger even than the loss of $2 million from the same period in 2013. The company had filed an alert with the Securities and Exchange Commission in May that it “may be forced to curtail or cease its activities” if its operations didn’t generate enough cash flow, the CBS news report continued. Your overwhelming debt is a serious matter that you need to deal with now. Filing for Chapter 7 or Chapter 13 personal bankruptcy is complicated. You need a knowledgeable and experienced bankruptcy attorney from Client First Bankruptcy at your side to guide you through every step. Call us toll-free at 800-383-6004 Monday through Friday from 8:30 a.m.-6:00 p.m. Central Time to speak with an experienced bankruptcy representative. For 24/7 access, please log onto our easy-to-navigate website at clientfirstbankruptcy.com for vital information about your Chapter 7 or Chapter 13 bankruptcy. It could be the key to your financial freedom. We help Americans eliminate their debt. Let us help you, too. Call us today, sleep better tonight.