Where art thou, Krispy Kreme?

Posted on December 27th, 2005

My all-time favorite doughnut maker is still feeling the pain related its recent accounting woes.

The company’s New England franchisee is giving up rights to Massachusetts, Connecticut and Rhode Island, and is also giving back stores in those states. In addition, a franchisee in Philadelphia has closed its four locations.

All this is happening in light of falling sales, shareholder lawsuits, and the restatement of earnings back to 2001. The most recent estimate of the restatement is over $35 million.

Krispy Kreme was founded in 1937, and currently has about 330 Krispy Kreme stores and 80 satellites worldwide.

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