Marcus Lemonis Enters Fray for BARK with $188.7M Acquisition Offer

NEW YORK, NY – January 14, 2026 – The battle for control of pet-focused brand BARK, Inc. (NYSE: BARK) has intensified, as private investment firm GNK Holdings and famed turnaround specialist Marcus Lemonis have submitted a preliminary, non-binding proposal to acquire the company in an all-cash deal valued at approximately $188.7 million.

The offer of $1.10 per share represents a significant escalation in a budding bidding war for the parent company of BarkBox. It comes just days after a group of insiders, including BARK’s own CEO, made a lower bid, setting the stage for a dramatic contest over the future of the well-known direct-to-consumer brand.

A Bidding War for the Doghouse

The GNK and Lemonis proposal directly challenges a prior offer from Great Dane Ventures, LLC, an investor group that includes BARK’s Executive Chairman and CEO, Matt Meeker. On January 9, Great Dane Ventures proposed to take the company private for $0.90 per share, an offer that at the time represented a 45% premium over the stock's recent trading price.

Now, the new $1.10 per share bid from GNK and Lemonis tops that insider-led offer by a substantial 22%, a move clearly designed to appeal directly to BARK’s public shareholders. The proposal outlines an all-cash transaction to acquire all outstanding shares not already owned by the group, with an ambitious timeline that targets the completion of due diligence within 30 days and the execution of definitive agreements in about five weeks.

“This proposal reflects our strong conviction in BARK’s brand, customer loyalty, and long-term potential,” said Nachum Klugman, President of GNK Holdings, in a statement. “With aligned capital, experienced leadership, and a clear operational playbook, we believe this transaction delivers compelling and certain value for BARK shareholders.”

The move signals that outside investors see untapped value in BARK, a company that has struggled with profitability and a declining stock price despite its strong brand recognition. The entrance of a high-profile figure like Lemonis adds a new dimension to the negotiations, shifting the focus from a simple valuation fight to a debate over the company's fundamental operational strategy.

Enter 'The Profit': A Turnaround Specialist's Playbook

The involvement of Marcus Lemonis, star of CNBC’s "The Profit," is the proposal's most compelling element. Lemonis has built a national reputation by investing in and turning around struggling businesses, guided by his "People, Process, Product" philosophy. His expertise lies in dissecting operations, streamlining supply chains, and revitalizing brands for consumer markets—skills that appear tailor-made for BARK's current challenges.

While BARK has shown signs of operational improvement, including seven consecutive quarters of year-over-year gross margin growth, its core Direct to Consumer (DTC) segment has been shrinking. In its most recent reported quarter, DTC revenue fell nearly 20% compared to the prior year. The company has posted consistent net losses, and its stock price languished below the NYSE's $1.00 minimum for a period in 2025, triggering a non-compliance notice.

The GNK-Lemonis group explicitly stated its intention to unlock value through "disciplined execution, enhanced merchandising, and deeper customer engagement." This language strongly echoes Lemonis's typical approach. For BARK, this could mean a top-to-bottom review of its subscription box curation, an overhaul of its supply chain to improve efficiency, and a renewed push on product innovation beyond its core toy and treat offerings. Lemonis’s extensive experience with omnichannel retail, honed during his tenure as CEO of Camping World Holdings, could also be leveraged to optimize BARK’s blend of DTC subscriptions and growing sales through retail partners like Target and Amazon.

A Brand in Transition

Founded with a mission to "make all dogs happy," BARK captured the hearts of pet owners with its clever marketing and popular BarkBox and Super Chewer subscription services. However, the post-pandemic normalization of e-commerce has hit the company hard. Revenue peaked in fiscal 2022 and has been on a downward trend since, falling 8.4% in fiscal 2024 to $490.2 million.

Despite these top-line struggles, BARK's management has been working to stabilize the business. The company recently became debt-free after paying off a $45 million convertible note and has steadily improved its adjusted EBITDA, narrowing losses significantly. Its commerce segment, which includes retail partnerships, has become a bright spot, growing over 43% in the most recent quarter and partially offsetting the decline in its DTC business.

This mixed financial picture makes BARK a classic "fixer-upper" target. It possesses a valuable brand and a loyal customer base but has failed to translate that into sustainable profitability as a public company. The competing acquisition proposals suggest two different paths forward: one led by insiders who have guided its recent strategy, and another led by an outside turnaround expert promising a more fundamental operational shake-up.

An Uncertain Future for Pups and People

For BARK's shareholders, the GNK-Lemonis offer is welcome news, driving the stock price up over 20% in a single day and providing the potential for a more lucrative exit. However, the non-binding nature of the proposal means a deal is far from certain. The group must still complete its due diligence and, crucially, secure the necessary equity and debt financing to fund the all-cash offer.

The uncertainty extends to BARK's employees and its millions of customers. An acquisition led by Lemonis would almost certainly bring significant changes to the company's "process" and "people." While his goal is to strengthen the "product," this could manifest as changes to subscription pricing, product assortment, and overall brand strategy. Employees face a period of ambiguity as a potential new owner with a reputation for hands-on restructuring evaluates every aspect of the business.

For now, the decision rests with BARK's special committee of independent directors. They must now weigh a higher, but still preliminary, offer from an external party against a lower bid from their own management team. The outcome of this process will determine the next chapter for one of the pet industry's most recognizable digital brands, deciding whether it continues on its current path or is taken in a bold new direction.