It looks like Lemonis Fischer Acquisition Company, LLC has saved the bake shop from bankruptcy, according to the Wall Street Journal. The company is set to acquire the chain and all of its assets within the next 60 days.
"We are very pleased to have reached this agreement with Lemonis and Fischer after carefully evaluating opportunities to strengthen Crumbs' financial position in order to ensure a strong future for the Crumbs brand and business," said Edward M. Slezak, Crumbs Chief Executive Officer and General Counsel.
"The steps we are taking today will allow us to continue to execute our business strategy, expand our licensing business and position ourselves to move toward a franchise store model," he continued. "We remain saddened that we were forced to cease operations before this agreement was reached, but we strongly believe that pursuing this sale through the chapter 11 process is ultimately in the best interest of the Company and its stakeholders."
The sweet shops started closing their doors last week, according to Refinery 29. While it's not clear when Crumbs will open up again once the acquisition is final, fans of the cupcake mongers can rest easy knowing that Crumbs will be back in business sometime soon.
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