A New York couple who saw their cupcake empire soar to a $66 million business in 2011 before going bust paid $350 to revive the brand

• Crumbs' Bake Shop started in 2003 as a single shop in Manhattan's Upper West Side.
• At its peak, Crumbs was valued at $66 million and went public in June 2011. But it went under in 2014.

A beloved New York-based cupcake empire that went bust nine years ago is looking to make a comeback.

Crumbs Bake Shop, a hugely popular cupcake store founded in 2003, has been revived by founders Jason and Mia Bauer. They bought back the brand last year — seven years after it filed for bankruptcy, the New York Post reported on May 2.

According to a filing from the US Patent and Trademark Office, Jason Bauer had applied to take over the "Original Crumbs Bakeshop" brand back in February 2021. The application cost $350.

The turnaround is another chapter in Crumbs' dramatic story which started in 2003 with a single shop in Manhattan's Upper West Side.

The Bauer's creations — which eventually totaled more than 75 flavors including a Girls Scouts Thin Mints option — were a massive hit and the business expanded. It got so big, Crumbs was acquired by a holdings company for $66 million and went public in June 2011.

But the business — which spawned 70 stores in 2013 — was too aggressive with its expansion plans.

The breakneck speed of growth and steep competition from other desserts ultimately toppled the empire. Crumbs announced in July 2014 that it was closing all its stores and filing for Chapter 11 bankruptcy.

"We felt we left it in the hands of people who would grow it," Jason told the New York Post on Tuesday. "It was heartbreaking to us to see our baby close."

Bauer's recent attempt is the second time someone's publicly tried to bring back the brand from the dead.

Marcus Lemonis, the CEO of Camping World and Good Sam Enterprises, joined forces with investment company Fischer Enterprise to revive Crumbs in August 2014. But that venture failed — Lemonis ended up selling his stake at a "significant loss" in 2015, per The Post.

Now, the Bauers are reviving their cupcake shop, selling their offerings online and at supermarkets — although they told The Post they plan to open a flagship store in New York in the next few years.

They also have a new strategy for growth.

"Fast forward to 2023, and we now have the ability to communicate with our consumers via social media without having to be in a physical store," Jason told the media outlet.

The Bauers, Fischer Enterprises, and Lemonis did not immediately respond to Insider's requests for comment sent outside regular business hours.