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July 10, 2014

Crumbs: Not dead yet

By CNNMoney

Crumbs may not be falling apart after all.

A group of investors including CNBC host Marcus Lemonis are preparing a bid to save the high-end cupcake chain, according to the business news network. The network said he would discuss the plans Thursday afternoon.

In response, Crumbs CEO Edward Slezak said the company is "pleased to be in talks with various interested parties that are allowing us to pursue all of our options for the business."

The company's stock soared more than 1100% -- to about 36 cents -- on the news. It had traded as high as $3.49 in 2013, but opened at just 3 cents Thursday morning.

Crumbs closed all of its stores on Monday, but has been struggling for some time. It began closing stores in 2013 amid steep losses. At the end of the first quarter this year, it had 65 locations in 12 states.

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