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.
"Regrettably Crumbs has been forced to cease operations and is immediately attending to the dislocation of its devoted employees while it evaluates its limited remaining options," the company said in a statement posted by The Wall Street Journal.
Crumbs was founded in 2003 and went public in 2011. For the three months ending March 31, it reported a loss of $3.8 million, compared to a loss of $2 million from the same period a year ago.
Home Depot enters connected home market
Atlanta – Following Staples’ expansion of its Staples Connect home and office automation platform to 500 stores, The Home Depot is making Wink-enabled connected home products available for purchase in its nearly 2,000 U.S. stores and online.
The Wink platform unites close to 60 devices with 15 manufacturers of home products ranging from light bulbs and locks to window shades, irrigation systems and water heaters. All Wink-enabled products are operated through the free iOS and Android Wink app that lets consumers personalize their experience. For example, a consumer can operate just one light bulb or all of the light bulbs in a particular room, or they can group the light bulbs with other products in a particular area of their home.
Wink has also developed Wink HUB to support products that do not connect directly to the Internet. The Wink HUB works with connected products from other brands, allowing for control of any smart product from the Wink app. The Wink HUB MSRP is $79.99. However, through Labor Day at The Home Depot, the Wink HUB is priced at $49.99. With the purchase of one Wink-compatible product from The Home Depot, the price of the Wink HUB drops to $24.99, and with the purchase of two Wink-compatible products, it drops to $0.99. The Wink HUB has no monthly fees or contracts and supports protocols including Wi-Fi, Bluetooth LE, Z-Wave, Zigbee, and Lutron ClearConnect.
In addition, the Wink app will be available to download for Google’s Android Wear, allowing Android users to receive alerts and operate their connected home products from anywhere.
Havertys sales rise in Q2
Atlanta – Havertys sales for second quarter 2014 increased 2.4% to $175.1 million, compared with $171.1 million for the second quarter of 2013. On a same-store basis, sales for the quarter increased 3.2%.
Havertys closed its Plano, Texas, store in May. In the third quarter, the company will open a new store in Fort Worth, Texas, and relocate its Fayetteville, North Carolina, showroom.
“Sales for the second quarter showed growth in the categories of upholstery, mattresses, and accessories,” said Clarence H. Smith, chairman, president and CEO of Havertys. “Our supplier order fulfillment for wood products continued to challenge case goods sales. There has been recent improvement with the exception of a major Chinese manufacturer and we expect lead times to stabilize over the remainder of the year. Our sales results were up against tough double-digit increases in 2013.”