REDFORD, Mich. – The Harris Financial Group, Ltd., LLC (HFG) announced the minority-owned investor group signed a letter of intent to acquire all the assets of the Detroit Popcorn Company.
“This was a business idea that just ‘popped’ for us,” Harris said. “Millions of people, myself included, absolutely love popcorn and associate it with some of the best times of our lives -- from going on a date to the movies on a Saturday night and pulling your kids in the wagon at the zoo to cheering on your favorite team at sporting events -- popcorn is part of it.”
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David Farber, the former Detroit Popcorn Company owner came out of retirement and was in the process of repurchasing the 97-year-old business this month after the previous owner, Evan Singer, came under fire for allegedly making racist comments
Singer no longer holds any interest in the company. According to reports, while reacting to a video of damage to a Target store caused by protests against police brutality Singer allegedly wrote, "they wonder why they need knee’s on there necks (sic).”
READ: David Farber repurchases Detroit Popcorn Company, plans on selling business to black investors
“Our minority company members, including Reggie Kelley, bring vast corporate and entrepreneurial experience to the Detroit Popcorn Company that will take the business well into the future,” Harris said. “I’m excited about this rare opportunity to continue the company’s legacy, and remain committed to the high level of quality and service that its customers have come to expect.”
Farber has removed himself from the purchase of the Detroit Popcorn Company, and became a facilitator in the direct sale to HFG, according to a news release.
Farber has been invited, and is expected to continue with the Detroit Popcorn Company in an advisory capacity with the new owners during the transition.
The deal is expected to close in 30 days, according to a news release.