Marcus Lemonis, the CEO of Camping World and Good Sam Enterprises who is best known as the host of CNBC's turnaround show, "The Profit," has teamed up with Fischer Enterprises LLC, which bought Dippin' Dots out of bankruptcy in 2012, to buy New York cupcake chain Crumbs Bake Shop Inc. out of bankruptcy.

Crumbs closed all of its stores on July 7, and had previously received a loan from Fischer. The store closures triggered a default on the loan.

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