The fire started on the second floor of the building, near Belmont Avenue and Leavitt Street, where Cakegirls was located.
The owners of the bakery say they have 500 outstanding orders to fill. They also say they lost about $70,000 worth of baking and decorating equipment in the fire.
An Iron Chef themed competition will take place Monday night in hopes of raising the owners some money. The Iron Cupcake Challenge begins at 6 p.m. at Smash Cake, at 2961 North Lincoln Avenue.
People who go can sample all the baked goods for a flat fee of $5. All proceeds will benefit Cakegirls.