CNBC personality could save Crumbs Bake Shop

"The Profit" host Marcus Lemonis and a group of investors plan to provide financing

TRD New York /
Jul.July 10, 2014 12:20 PM

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


Related Articles

arrow_forward_ios

For mall owners like Simon, Brookfield and Vornado, Forever 21 bankruptcy signals more trouble ahead

10 Madison Square West (Credit: StreetEasy, iStock)

Lawsuit: Pet Smart’s animal excrement is stinking up this $11K-a-month apartment

Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)

These were the top 10 NYC retail leases in July

The worst stocks you can buy? Retail. And for many, it isn’t getting better.

US landlords say Topshop owner is freezing them out amid bankruptcy

Bringing the band back together: Eddie Lampert to buy Sears Hometown and Outlet Stores

Bumble’s going brick-and-mortar

Meet the hedge fund that’s buying Barnes & Noble’s 627 stores

arrow_forward_ios