CNBC reality TV host Marcus Lemonis, host of the CNBC show ‘The Profit’ has stepped in to save the flat-lining cupcake chain Crumbs Bake Shop. According to the LA Times, the Larchmont Boulevard store will be the only California store to re-open. The group is pushing to be back in business within 90 days.
Perhaps there is no one better suited for the job. Lemonis’ resume is full of experience that should help to make the Crumbs Bake Shop company a turn around story. ‘The Profit’ is a show that features Lemonis as a business turn around king, using his own money to save failing businesses. In addition, his personal business portfolio includes other companies that will allow Lemonis leverage to aide in the Crumbs’ recovery. Those businesses include Dip and Dots, Little Miss Muffin, Betty Lou’s Snacks and others.
According to the Crumbs Bake Shop press release:
Lemonis Fischer Acquisition Company, LLC, a joint venture created by Marcus Lemonis LLC and Fischer Enterprises, L.L.C., will acquire the Crumbs’ business as part of the Company’s filing of voluntary Chapter 11 petitions in the United States Bankruptcy Court for the District of New Jersey.
Under the terms of the Asset Purchase Agreement, Lemonis Fischer Acquisition Company would acquire substantially all of Crumbs’ assets. The Company hopes to complete the sale process in approximately 60 days, pending receipt of the necessary approvals from the Bankruptcy Court.
Lemonis Fischer Acquisition Company and Crumbs will evaluate the retail strategy with the goal of reopening select locations or opening new locations in the future.
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CNBC Website – The Profit
— James Ledbetter (@jledbetter) July 12, 2014