The $6.5 million bid for Crumbs Bake Shop fronted by CNBC star Marcus Lemonis went unchallenged Tuesday, setting the stage for the cupcake shop to emerge from bankruptcy on Aug. 26.
Crumbs’ new owner, Lemonis Fischer Acquisition Co., includes serial entrepreneur Fischer Enterprises in addition to the host of CNBC’s “The Profit.”
The pair decided to make a run at the cupcake chain within days of its unexpectedly laying off all of its workers and closing all 48 shops in 10 states on July 7.
By July 11, when Crumbs filed for bankruptcy, Lemonis Fischer had already stepped up with $1 million in financing to minimize damages to the chain throughout what promises to be a short stay in Chapter 11.
That financing, coupled with a $5.5 million secured loan previously made to Crumbs by Fischer, became the basis of a “stalking-horse bid” that the public was invited to beat by noon Aug. 19.
Michael Sirota, Crumbs’ bankruptcy attorney, said he didn’t expect further complications before approval of the final sale agreement in New Jersey bankruptcy court on Aug. 26.
During a recent appearance on CNBC, Lemonis laid out plans for the cupcake purveyor that he said was always “meant to be a bake shop — not a cupcake shop.”
Lemonis wants to expand Crumbs’ product line, mostly with other brands he already owns. Cited as likely additions were Lemonis-owned Key West Key Lime Pie, Matt’s Cookies, Mr. Green Tea and Sweet Pete’s.
Lemonis added that his new co-partner, Oklahoma-based Fischer, would likely add its Dippin’ Dots ice cream to Crumbs’ line-up as well.