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All Penny News: Marcus Lemonis Has a Sweet Tooth for a Bankrupt Crumbs Bake Shop


Mississauga, ON -- (SBWIRE) -- 07/18/2014 -- Media, Inc. ( announces its latest article titled “Marcus Lemonis Has a Sweet Tooth for a Bankrupt Crumbs Bake Shop.”

Companies mentioned in this article include Crumbs Bake Shop (Pink Sheets:CRMBQ).

Article Excerpt:

Marcus Lemonis, star of CNBC’s show The Profit, has had his hand in the cookie jar and other parts of the kitchen stocking sweets, literally. It’s his right, though, as he often owns the kitchen. Amongst other brands, Lemonis, which actually sounds like the name of a dessert itself, has in his portfolio Matt’s Cookies, Key West Key Lime Pie, Mr. Green Tea Ice Cream and Sweet Pete’s Candy. The turnaround expert, who puts his own money into rescuing flagging companies with promise, has now partnered with Fischer Enterprises, the owner of Dippin’ Dots ice cream and Doc Popcorn, in a bid to save newly bankrupt Crumbs Bake Shop. Incidentally, Fischer bought the popular Dippin’ Dots brand out of bankruptcy two years ago.

Crumbs Bake Shop (Pink Sheets:CRMBQ), a New York City-based cupcake specialty store chain that went public three years ago, told its employees on July 9 that it was forced to shutter its doors and cease operations. On July 11 the company had inked an asset purchase agreement with Lemonis Fischer Acquisition Company, LLC, as the freshly formed joint venture threw a lifeline of cash to Crumbs and setting the “stalking horse” bid for the company at about $6.5 million as part of the Chapter 11 proceedings. $5.5 million of the bid is already owed to Fischer from a loan given to Crumbs earlier in 2014.

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