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'The Profit's Marcus Lemonis and investor group acquiring Crumbs Bake Shop

By Kyle Johnson,

The recently-shuttered Crumbs Bake Shop will be resuscitated after all, as an investor group led by CNBC's The Profit star Marcus Lemonis announced Friday night that they struck a deal to acquire the gourmet cupcake shop.

Fischer Enterprises and Lemonis hope to have some of the 48 shops reopen in about two months time, with the possibility of new locations following.

"I truly believe in the Crumbs brand and am excited to help the Company enter into a new chapter in its history," Lemonis said, according to The Hollywood Reporter. "I think there is tremendous opportunity to expand the Crumbs offering, build on the Company's growth strategy and to leverage the synergies between Crumbs and other companies in my and the Fischers' portfolio."

The investor group was able to strike a deal for Crumbs after coming up with the bankruptcy petition financing and promising to provide debtor-in-possession financing. The deal, which also includes plans for asset purchasing, now waits on Bankruptcy Court to sign off on it.

The deal comes just two days after it was discovered the reality star investor planned on trying to save the cupcake shop, which struggled to remain competitive while offering only gourmet cupcakes.

When Lemonis announced acquisition plans for the shop, which closed shortly after being delisted from the NASDAQ, he noted that should Crumbs return, it would offer more than just cupcakes, becoming a "sweets and snack shop."

image courtesy of Jennifer Graylock/INFphoto.com

 
 

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