Lemonis Fischer Acquisition Company, a joint venture created by Marcus Lemonis and Fischer Enterprises, will acquire New York-based cupcake specialty chain and licensor Crumbs Bake Shop as part of Crumbs' bankruptcy filing.

Crumbs had implemented a retail expansion strategy that became unsustainable and, in the past year, begun shifting its growth strategy to focus on licensing and franchising opportunities. Despite these changes, the company's board of directors and management 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.

Lemonis Fischer Acquisition Company will acquire almost all of Crumbs’ assets in the sale, which will be completed in approximately 60 days.

Lemonis Fischer Acquisition Company and Crumbs plan to then evaluate the brand's retail strategy with the goal of re-opening select locations or opening new locations in the future. Some Crumbs Bake Shop items are still currently available at BJ's Wholesale Club stores.

“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,” says Edward M. Slezak, chief executive officer and general counsel, Crumbs. “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."

Among the licensed product already available under the brand are bake mix, bakeware, coffee and gourmet popcorn, and Lemonis is planning for more.

“I truly believe in the Crumbs brand and am excited to help the company enter into a new chapter in its history,” says Marcus Lemonis, host of CNBC’s "The Profit" and chief executive officer, Camping World and Good Sam Enterprises. “I think there is tremendous opportunity to expand the Crumbs offering, build on the Company’s growth strategy and to leverage the synergies between Crumbs and other companies in my and the Fischers’ portfolio, such as Dippin’ Dots ice cream, Doc Popcorn, Wicked Good Cupcakes, Little Miss Muffin, Betty Lou’s snacks, a host of gluten-free baked goods, Matt’s Cookies, Pie King, Key West Key Lime Pies, Mr. Green Tea Ice Cream, Sweet Pete’s Candy and Coffee of Grace (Grace Hightower De Niro), as well as a new exciting product from an episode of the upcoming fall season of CNBC’s 'The Profit.'”