The creator of the Famous Amos cookie empire and a passionate advocate for children's literacy, Wallace "Wally" Amos, passed away at the age of 88.

What Happened: Amos, who lost ownership of the Famous Amos company and the rights to use his name, later became the owner of a cookie shop, Chip & Cookie, in Hawaii. He passed away at his home in Honolulu from complications related to dementia, according to his children, according to AP News.

His children, in a statement, described Amos as a "great American success story, and a source of Black pride." They noted his influence on a generation of entrepreneurs when he founded the world's first cookie store in Los Angeles in 1975.

Amos also co-founded Uncle Wally's Muffin Co., whose products are sold nationwide. Despite his fame, Amos maintained that being famous was "highly overrated."

Amos was also known for his efforts in promoting literacy. He served as a spokesperson for Literacy Volunteers of America for 24 years and was recognized for his volunteerism, including receiving the Literacy Award from President George H.W. Bush in 1991.

Why It Matters: His created brand, Famous Amos, was part of a significant business deal in 2019. Kellogg Company (NYSE:K) sold its cookies, fruit and fruit-flavored snacks, pie crusts, and ice cream cone businesses to the Ferrero Group for $1.3 billion.

The brands involved in the sale included Keebler, Famous Amos, Mother's, Murray brands, Stretch Island brand, and cookies manufactured for Girl Scouts of the USA. These businesses generated $900 million in sales with approximately $75 million in profit, representing 6.6 percent of Kellogg's sales.

Photo by Joshua Bedford on Unsplash

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal