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Crumbs to file bankruptcy as part of takeover deal

Crumbs Bake Shop Inc., the Manhattan-based chain that went public three years ago at the peak of a cupcake craze, filed for bankruptcy after arranging a potential takeover with a venture including the maker of Dippin' Dots ice cream.

Crumbs, known for supersized cupcakes topping out at 1,090 calories, listed assets and debts of as much as $50 million each in a Chapter 11 filing Sunday.

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