Entrepreneur Marcus Lemonis has sold his stake in Crumbs Bake Shops a little more than a year after he rescued the gourmet cupcakes chain.
Lemonis announced Tuesday he’d sold his interest in Crumbs LLC, the company formed last year with Fischer Enterprises, the company behind Dip-N-Dots ice cream. Lemonis keeps the rights to the Crumbs brand for ice cream, cookies and candy products. Financial terms weren’t disclosed.
“Our primary goal was to save the Crumbs brand and the jobs of good people who had worked hard to build the brand and serve its loyal customers with the objective of diversifying the product line,” Lemonis said in a news release.
Crumbs Bake Shops reopened in Chicago, the Northeast and Los Angeles markets last fall and winter after the chain was bought out of bankruptcy court for $6.5 million.
Fischer Enterprises will operate the Crumbs Bake Shop retail stores.
“I have great ideas and plans to grow the iconic Crumbs brand with an array of new cookies, ice creams and candies,” Lemonis said.
Crumbs grew to 65 stores in 12 states as cupcakes became a trendy treat and an alternative to doughnuts. The company abruptly closed its stores, including two in Chicago, on July 7, 2014.
Lemonis, host of the CNBC series “The Profit,” is based in suburban Lincolnshire. In addition to the TV show, Lemonis is chairman and chief executive of Camping World, an RV and outdoor retailer, and Good Sam, an RV owner’s organization.