N.E. Krispy Kreme franchisee gives up development rights
Krispy Kreme Doughnuts Inc. gained the right to open additional stores in New England after ending a partnership there. The company also exited the Philadelphia market by closing four stores.
Krispy Kreme will now own three shops in Connecticut, Rhode Island and Massachusetts and may develop more under a deal reached with a partner in the region, the Winston-Salem, N.C.-based company said in a statement Tuesday, according to Bloomberg News. Three stores were closed in recent weeks in Medford and Saugus, Mass., and Newington, Conn.
Krispy Kreme, the second largest U.S. doughnut chain, is shedding stores and restructuring operations amid a federal investigation of its accounting practices. The company hasn't reported earnings for five quarters as the U.S. Securities and Exchange Commission and federal prosecutors examine how the company accounted for the repurchases for factory stores.
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