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Crumbs Bake Shops shutters all stores
New York -- Crumbs Bake Shops on Monday closed its 48 stores. The cupcake store chain has been struggling for some time. In a May filing with the Securities and Exchange Commission, it warned that it "may be forced to curtail or cease its activities" if its operations didn't generate enough cash flow.
Last week, Nasdaq suspended the trading of Crumbs shares on the grounds that the company no longer had at least $2.5 million in shareholder equity, or met benchmarks for an annual net profit.
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HSN promotes marketing head to president
St. Petersburg, Fla. – HSN Inc. (HSNi) is promoting chief marketing officer Bill Brand to president of HSN, effective immediately. Brand will retain his role as chief marketing officer of HSNi and will continue to report directly to HSNi CEO Mindy Grossman.
Brand is also an executive officer of the company. As president, he will assume responsibility of merchandising, programming, planning and HSN2 in addition to his current responsibilities.