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Stock Market & Financial Investment News

News Breaks
July 12, 2014
12:32 EDTCRMBCrumbs to be acquired by Lemonis Fischer Acquisition Company
Crumbs Bake Shop announced that it has entered into an Asset Purchase Agreement through which Lemonis Fischer Acquisition Company, a joint venture created by Marcus Lemonis and Fischer Enterprises will acquire the Crumbs’ business as part of the company’s filing of voluntary Chapter 11 petitions in the United States Bankruptcy Court for the District of New Jersey. Lemonis Fischer Acquisition Company, which provided pre-petition secured financing to Crumbs, has also committed to provide debtor-in-possession financing to the company, subject to court approval. The agreement with Lemonis Fischer Acquisition Company comprises the initial stalking horse bid in the Court-supervised auction process under Section 363 of the Bankruptcy Code. Under the terms of the Asset Purchase Agreement, Lemonis Fischer Acquisition Company would acquire substantially all of Crumbs’ assets. The company hopes to complete the sale process in approximately 60 days, pending receipt of the necessary approvals from the Bankruptcy Court. Lemonis Fischer Acquisition Company and Crumbs will evaluate the retail strategy with the goal of reopening select locations or opening new locations in the future. Additionally, Mr. Slezak will remain with the company throughout the process in order to ensure a smooth emergence and transition. As previously communicated, Crumbs had historically implemented a retail expansion strategy that was ultimately proven unsustainable. In the past year, the company had begun shifting its growth strategy to focus on licensing and franchising opportunities and has been successful in signing new licensees for its baked goods, as well as new products including Crumbs branded bake mix, bakeware, coffee and gourmet popcorn. While Crumbs has made tremendous progress in expanding its distribution channels and avenues for growth in recent months, the Board of Directors and management ultimately decided to pursue a sale of the business through the chapter 11 process in order to give Crumbs the flexibility to focus on new opportunities for the benefit of the business and its stakeholders.
News For CRMB From The Last 14 Days
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July 18, 2014
11:13 EDTCRMBCrumbs Bake Shop reports approval of first day motions, outlines bid procedures
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July 12, 2014
12:32 EDTCRMBCrumbs to be acquired by Lemonis Fischer Acquisition Company
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July 10, 2014
19:58 EDTCRMBCrumbs Bake Shop stock jumps after securing financing, CNBC reports
Shares of Crumbs Bake Shop jumped over 950% in afternoon trading after CNBC star Marcus Lemonis pledged financing in order to save Crumbs from bankruptcy, according to CNBC. The terms of the financing were not disclosed. Reference Link
11:28 EDTCRMBCrumbs Bake Shop close to securing financing from investor group, CNBC says
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11:18 EDTCRMBMarcus Lemonis & Partners near deal to buy Crumbs Bake Shop, CNBC reports
CNBC's "The Profit" host Marcus Lemonis said Crumbs Bake Shop is a "good brand that lost its way".
July 8, 2014
06:00 EDTCRMBCrumbs Bake Shop closing all stores, evaluating options, WSJ reports
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