Chicago-based upscale coffee roaster and chain Bow Truss has filed a lawsuit against Marcus Lemonis ⇒ and his restaurant company after a deal announced in December turned into a war of words.
The suit, filed Wednesday in Cook County Circuit Court, alleges ML Food Group — led by Lemonis, the Lake Forest-based host of CNBC’s “The Profit” and CEO of Camping World — breached a letter of intent with Bow Truss, among a number of other complaints.
According to the suit, ML Food Group “devised a fraudulent scheme to attempt to purchase the plaintiff at a rock bottom bargain basement giveaway price and failing to accomplish that to destroy the plaintiff.”
Bow Truss claims Lemonis and his company falsely announced to press and social media they were the new owners of the coffee company; interacted with its employees as though they were the new owners; promised then withdrew funds needed by Bow Truss; disclosed sensitive financial information to press and social media; and disparaged Bow Truss and Tadros “for the purpose of putting the plaintiff out of business and being able to acquire the business for little or no money.”
The suit also claims common law fraud, consumer fraud, tortious interference and breach of fiduciary duty.
In December, Lemonis said he had paid several million dollars to buy a majority stake in Bow Truss. But a month later, he said he no longer had any interest in partnering with Bow Truss owner Phil Tadros after developing concerns about both finances and transparency. Only about $100,000 had changed hands as of Jan. 12, Lemonis and Tadros said at the time.
Local locations of Bow Truss closed in January as the business scrambled to pay employees and rent. The store’s employees said they closed stores after many had paychecks bounce. As of Wednesday, two of the stores had reopened.
The suit seeks a break-up fee of $162,000, as well as $26 million in compensatory and punitive damages.
Lemonis said Wednesday he had not yet seen the suit, but said “desperate people do desperate things.”
Tadros declined to comment.
mgraham@chicagotribune.com
Twitter @megancgraham
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