Emack & Bolio's has served its last cone in Harvard Square.

The 1310 Mass. Ave. branch of the ice cream chain that created flavors like sombrero and vanilla bean speck closed last Friday, to be replaced by an Ultimate Bagel Company store.

Emack & Bolio's Ice Cream put the storefront on the market about six months ago because the company was losing money at its location across the street from Harvard Yard, said Jon D. Baring-Gould, assistant manager of the store.

"You're selling something that makes between 75 cents and a dollar profit, and Harvard charges $5000 rent each month," said Baring-Gould, "You can't make money here."

Joe F. LaMacchia, president of The Ultimate Bagel Company, said he paid "essentially a six-figure number" to sublease the storefront from Emack & Bolio's, which rents it from Harvard Real Estate.

The Ultimate Bagel Company, which is owned and operated by LaMacchia and several of his family members, has branches in Boston and Newton Heights.

LaMacchia said he expects running a store in Harvard Square to be very different from doing so in other locations. "We have to make sure we're competitive with other businesses in the area," he said.

The store, which is scheduled to open early in January, will sell sandwiches, cheesecake, fruit and frozen yogurt, as well as 15 varieties of bagels and 18 varieties of cream cheese, LaMacchia said. He added that the store plans to deliver orders of more than $10 to students.

The Ultimate Bagel Company's prices range from 35 to 40 cents for bagels, and $3 to $5 for sandwiches.

LaMacchia said he hopes to provide a comfortable atmosphere for students in the store, and plans to spend between $75,000 and $85,000 on renovations.

"Instead of having counters, we're going to make more room for seating, pending Cambridge City Council permission," he said.

Yesterday LaMacchia auctioned off all of the store's equipment and fixtures.

"We sold ice cream freezers, sinks, cash registers--everything was sold," said Edward F. Smith, auctioneer for Avenue Auction Sales.

Smith said he sold the equipment to about 25 individual buyers, mostly ice cream store owners or people thinking of entering the business.

"Everything will be out of here within hours," Smith said.