The cupcake hasn’t crumbled just yet.
A group of investors that includes turnaround artist Marcus Lemonis, host of the CNBC reality show “The Profit,” confirmed that it will provide financing to Crumbs Bake Shop as part of a plan to acquire the cupcake retailer, CNBC reported.
On Monday, Crumbs shuttered all of its stores and appeared set for bankruptcy one week after the Nasdaq delisted its stock.
The Fischer Family will also be part of the investment group, which plans to roll the Crumbs brand into an entity that includes Sweet Pete’s Candy, another ailing business that Lemonis took under his wing on an episode of “The Profit,” according to CNBC.
The initial report does not say what an acquisition would mean for roughly 15 Crumbs locations in New York and about two dozen more in 10 states and the District of Columbia. After expanding to 79 stores following its 2011 IPO, Crumbs began winding down underperforming locations in an attempt to stem mounting losses, CNBC reported. [CNBC] – Tom DiChristopher