Today's cupcake news means I was either totally wrong or way too early in making that call. And in this context, being wrong and being early amount to largely the same thing. It's no good being the guy who says in that housing prices are too high, or who says in that tech stocks are headed for trouble. You wind up getting clobbered when the market keeps skyrocketing.
If I'd shorted some imaginary cupcake market last year, I'd now be selling assets to cover losses on my cupcake shorts. The market would be staying irrational longer than I could stay solvent. Or maybe the cupcake market isn't irrational at all. The first Crumbs store opened in ; now there are 34 Crumbs in six states, and the company sold 13 million cupcakes last year, the NYT says.
Maybe some broader trend is at work here, and cupcakes aren't just over-hyped tiny cakes, like I thought. Crumbs Bake Shop said in a filing with the Securities and Exchange Commission on Thursday that the Nasdaq stock market had denied its request to keep its common stock listed on the exchange. According to the filing, Nasdaq will suspend trading of the company's stock on July 1. Crumbs, the country's largest cupcake chain, has been on the verge of a delisting for some time.
Its most recent quarterly filing noted that a number of factors, including insufficient profit to offset operating expenses, raised "substantial doubt as to Crumbs' ability to continue as a going concern. The company can appeal the decision, but did not indicate in the filing that it would follow that route. The Nasdaq's determination followed initial letter of noncompliance sent in April and Crumbs' submission of a plan outlining the efforts it was taking to regain compliance.
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Crumbs, the New York-based cupcake and bakery chain, will go public in a. phisl.xyz › LIFESTYLE › FOOD AND DRINK. Crumbs Bake Shop (NASDAQ:NASDAQ:CRMB) went public through a blank-check company IPO in May