July 28, 2014 -- Lowenstein Sandler LLP was selected as counsel to the Official Committee of Unsecured Creditors in the Chapter 11 bankruptcy case of the New York-based bakery Crumbs Bake Shop. Most famous for its oversized epicurean cupcakes, the 49-store chain closed all shops on July 7, 2014. It filed for Chapter 11 protection in New Jersey on July 11, citing $20 million in assets and $19 million in liabilities. Crumbs first opened in Manhattan in 2003 and offered a wide array of baked goods distributed through its shops, catering services, wholesale and online channels. Remaining predominantly in the Northeast, the chain had expanded at one point to 78 locations. Following a precipitous decline in sales, the chain experienced a drop in revenues in 2012 and 2013. Since 2013 the number of shops was reduced to 49, before the chain closed.
Lowenstein Sandler's Bankruptcy, Financial Reorganization & Creditors' Rights Department is proud to be selected to represent the unsecured creditors' committee. With extensive experience in retail cases representing both debtors and creditors' committees in Chapter 11 proceedings nationwide, partners Kenneth A. Rosen and Sharon L. Levine will lead the legal team.
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