Crumbs Cupcakes Could Be Saved By Reality TV Host

07/12/2014 04:07 pm ET | Updated Jul 14, 2014
Brian Ach via Getty Images

Fear not, cupcake fans: Crumbs Bake Shop could live to see another day.

Marcus Lemonis, the owner of Dippin' Dots and host of CNBC reality show "The Profit," is stepping in to invest in the recently closed cupcake chain, according to a press release published late Friday night.

Lemonis and Fischer Enterprises L.L.C. formed a joint venture, Lemonis Fischer Acquisition Company, which plans to acquire the shops.

Crumbs will file for Chapter 11 bankruptcy protection, according to the Chicago Tribune. Lemonis told the Los Angeles Times that he hopes "to get the stores reopened and people rehired."

"I truly believe in the Crumbs brand and am excited to help the Company enter into a new chapter in its history," said Lemonis in the press release.

Earlier this week, Crumbs abruptly announced that it would close all 48 of its stores across 10 states.

Part of Crumbs' problem was its focus on high-calorie, expensive cupcakes -- a craze that's cooled off in recent months. Now, Lemonis says he wants to expand the company to a more wide-ranging sweets shop, rather than just a store that sells only cupcakes.

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