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Investor Marcus Lemonis looking to save Crumbs Bake Shop

By Kyle Johnson,

Investor and star of CNBC's The Profit Marcus Lemonis and an investor group are looking to save the recently closed Crumbs Bake Shop.

The investor group, which also includes the Fischer Family, will help provide financing for the specialty shop before eventually acquiring it, CNBC reports. The plan would then be to make it part of the recently created entity that includes Sweet Pete's Candy.

"The company has limited cash, and we are trying to come up with a situation that allows the company to remain viable," Lemonis told the Los Angeles Times. "We are in the final stages of working on a plan to get the stores reopened and people rehired."

Crumbs Bake Shop closed its doors on Monday after struggling to remain afloat as interest in cupcakes died down.

The store, which was delisted from the NASDAQ, had 48 shops in the United States, but had to close down after being unable to pay back $14.3 million in loans.

Lemonis understands that by focusing on only one product, Crumbs struggled to remain competitive. The reality star said that if everything comes to fruition, the shop will start selling other desserts. Crumbs will become a "sweets and snack shop."

image courtesy of Jennifer Graylock/INFphoto.com

 
 

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