Cannell Capital, managed by J. Carlo Cannell, has revealed further reducing its stake in Crumbs Bake Shop Inc (NASDAQ:CRMB). A new amended filing with the Securities and Exchange Commission showed that the fund currently owns 1.02 million shares of the company, representing a decrease from 1.26 million shares held previously. The stake is equivalent to 8.14% of common stock.
Crumbs Bake Shop Inc (NASDAQ:CRMB) is the largest cupcake specialty store chain in the United States. The company is well known for its innovative and oversized gourmet cupcakes, and has a market cap of $6.0 million. Last month, the company reported financial results for the fourth quarter of 2013. The company’s net sales rose 5.4% to $11.4 million from $10.8 million for the same period in 2012. Store operating weeks increased 32.4% to 973 from 735 for the fourth quarter of 2013 as compared to fourth quarter of 2012. It reported a GAAP net loss attributable to the controlling and non-controlling interests was of $5.8 million, compared to a net loss of $6.4 million for the fourth quarter of 2012.
Other significant shareholder includes Peter A. Wright’s P.a.w. Capital Partners, which held 600,000 shares of the company at the end of 2013. Another investor, Israel Englander’s Millennium Management, owned 400,000 shares.
Cannell Capital was founded by J. Carlo Cannell in 1992. The value of the fund’s equity portfolio was $246.4 million at the end of the fourth quarter of 2013. In February, Cannell Capital disclosed upping its position in ZipRealty Inc. (NASDAQ:ZIPR) to 2.38 million shares from 1.01 million held earlier. The fund also raised its stake in Hooper Holmes Inc. (NYSEMKT:HH) to 10.78 million shares through purchasing 18,076 shares.