The Oklahoma City owners of Dippin’ Dots ice cream together with the chairman and CEO of Camping World won court approval on Tuesday to purchase cupcake chain Crumbs Bake Shop Inc. and reopen some stores.
The investor group, led by Oklahoma City-based Chaparral CEO Mark Fischer and son Scott Fischer, and Camping World executive Marcus Lemonis will take over the company in exchange for the cancellation of about $6.5 million in debt.
Attempts to reach a representative for the Fischers for comment were unsuccessful on Tuesday.
Lemonis, who also stars in a CNBC reality series called “The Profit,” hopes to revive the cupcake company by broadening the business’s product offerings.
Crumbs abruptly closed its 48 stores in July and filed for Chapter 11 bankruptcy, a casualty of too-rapid expansion as the cupcake fad of the mid-2000s began to grow stale.
The new ownership group will seek to reopen about two dozen of the shuttered bakeshops. Crumbs had no Oklahoma stores.
The Fischers also purchased the Dippin’ Dots brand out of Chapter 11 bankruptcy in 2012 and have since invested about $16.7 million into the ice cream company and boosted sales growth by about 30 percent, according to an affidavit from Scott Fischer filed with the court.
Continue reading this story on the...