Crumbs Bake Shop Inc. (Nasdaq: CRMB), which has a history of losses and has been shutting stores, has closed on the second tranche of a loan from the owner of Dippin' Dots LLC. Crumbs plans to use the funds to develop a licensing program expected to increase revenue.
The cupcake store operator announced in an April 2 filing with the U.S. Securities and Exchange Commission that it closed on the $1.5 million loan, the second tranche of a term loan from Dippin' Dots owner Fischer Enterprises LLC. In January, Crumbs closed on the first tranche of the loan, which was $3.5 million. Dippin' Dots makes flash-frozen ice cream products.