Crumbs Bake Shop will be resurrected through a deal with local investor Marcus Lemonis, star of CNBC reality show “The Profit” and the owner of Dippin’ Dots ice cream, the companies confirmed late Friday.
Marcus Lemonis and Fischer Enterprises L.L.C. today said in a statement they have formed a joint venture, Lemonis Fischer Acquisition Company, LLC that will provide financing and ultimately acquire the New York-based chain that abruptly closed all its stores on Monday.
Crumbs will file for Chapter 11 bankruptcy protection, the companies said. Lemonis and Fischer later plan to reopen the chain as a private company and reinstate its employees. The statement said the companies plan to reinvent the brand as more of a sweet and snacks shop, rather than just a cupcake store.
Lemonis, who has had a home in Lake Forest, also previously expressed an interest in the Portillo’s hot dog chain, which struck a deal to sell a stake in itself to an East Coast private equity firm.