Company Snapshot: Crumbs Bake Shop Inc.

Address:
110 W 40th St., Ste. 2100
New York, NY   10018

Telephone:
212 221-7105

Internet Homepage:
www.crumbs.com

Total Current Locations:
63

Trading Areas:
CA, CT, DC, DE, IL, MA, NJ, NY, PA, VA

Total Revenue:
$39,882,000 (12/31/11)

Senior Executives:
CEO, president: Julian R. Geiger
CFO: John Ireland
COO: Eric Wesolowski

The Crumbs Bake Shop chain began in 2003 with a single location founded by Jason and Mia Bauer on the Upper West Side of Manhattan. At the time, the idea of a shop that focused on gourmet (and expensive) cupcakes was unique, but the idea captivated consumers looking for small indulgences. The second shop opened on the Upper East Side less than a year later. It is currently the largest cupcake chain in the U.S. In 2009, the company was acquired by 57th Street General Acquisition Corp. and subsequently became a publicly-held entity that trades on NASDAQ as CRMB. In November 2012, Jason and Mia Bauer resigned from the company they founded.

The stores range from 340 to 1,550 square feet and average 965 square feet; a mature store can generate sales of approximately $1M annually. In addition to its signature cupcakes, the stores offer other baked goods such as cakes, pie, cookies, croissants, and other goodies. The company also operates a wholesale distribution business that provides Crumbs Bake Shop branded cupcakes to restaurants in the New York City area. There is also an e-commerce division that sells products nationwide, and catering is available in New York City, Washington, DC, and Los Angeles. The ancillary activities account for 7% of the total revenue.

On January 30, 2013, Crumbs announced the re-launch of its home page, noting the upgrade “features new branding and logo, enhanced content and a redesigned format, will provide a better overall user experience and will reinforce the company’s already well-established position as the leading cupcake retailer.”