Call it the end of the great cupcake era. Crumbs has shuttered its doors, as the New York-based cupcake maker looks to clear out $15 million in debt to repay lenders, even if that means bankruptcy sale or liquidation. However, it is likely not the final act for the maker of oversized, calorie-laden treats. Crumbs will likely be targeted by private equity firms that, now, are interested in the asset with the elimination of dozens of unprofitable storefront locations. That comes after another New York maker of tasty treats -- Hostess -- went under, only to see PE swoop in for its prized Twinkies.