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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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Follow the Leadership
There have been more than a few headline-grabbing leadership transitions in the retail world recently. And, to be honest, “transitions” might be too gentle of a euphemism: some big names from some big-name brands have left, been fired, forced out, voted off the board, or otherwise pressured to step down in the last few months.