Why did Famous Amos sell his company?

With the company propped up, it sold Famous Amos to President Baking for $61 million in 1992. Due to financial troubles, Amos was forced to sell the Famous Amos Company, and because the name “Famous Amos” was trademarked by his former company, he had to use The Uncle Noname’s Cookie Company as his new company’s name.

What did Wally Amos sell?

Amos started the original Famous Amos Cookie Company with $25,000 from the singers Marvin Gaye and Helen Reddy, celebrity friends he knew from his days as a talent agent. The company sold $300,000 in cookies that year, and by 1982, revenue reached $12 million.

What happened to Famous Amos money?

Within a few years, sales declined and the company actually lost money. Wally sold off stakes at various times in an attempt to keep the company afloat. Amos was forced to sell the Famous Amos Company and started the new company The Uncle Noname’s Cookie Company which later became Uncle Wally’s Muffin Company.

Is Famous Amos a black owned business?

African American entrepreneur Wally Amos founded the Famous Amos cookie brand. He also worked as a talent agent and discovered Simon & Garfunkel.

Is Cookie Kahuna still in business?

The was name chosen in honor of his aunt Della who first taught him how to bake. His new cookie company was briefly featured in an IndieGogo campaign in 2019 but unfortunately closed without any funding. It appears the business is no longer active.

Is Professor Amos on HSN still alive?

Professor Amos died on September 27th 2016 aged 73 years from complications of diabetes mellitus, which he had for many years.

Why did Wally Amos go on Shark Tank?

Amos appeared in the October 6, 2016 episode of the American television show Shark Tank seeking $50,000 funding for 20% equity of his company “Cookie Kahuna”. The Sharks all passed on the opportunity.

Who are the owners of the Famous Amos brand?

The Famous Amos brand has gone through a number of owners since inception. Between 1988 and 2001, the Famous Amos company went through more than five different owners. In 1992 the President Baking Company purchased the brand from The Shansby Group.

When did Famous Amos cookies go out of business?

Amos and his cookie empire enjoyed a decade of success. However, in 1985, mismanagement forced Amos to gradually sell off parts of his company. In 1988, a corporation called the Shansby Group purchased Famous Amos Cookies and successfully repositioned the brand image, changing it from a specialty item to a lower-priced product.

How much did Bass Brothers sell Famous Amos for?

By August 1985, Bass Brothers had sold a majority share to an investor group, who planned a major expansion. By 1988 the company lost $2.5 million. That year the Shansby Group purchased Famous Amos for $3 million.

When did Wally Amos start his out store?

Once, Amos has founded out store in year 1975 to wholesale his cookies in Los Angeles. In year 1981, he made appearance in one episode of famous TV series entitled as Taxi, suggesting his income grossed from TV based appearances.