Headlines

More Time for Doughnuts

Banks give Krispy Kreme two more months

Published

19 years ago

January 26, 2005

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Lenders to Krispy Kreme Doughnuts Inc. (Winston-Salem, N.C.) have agreed to defer until March 25, 2005, the date on which a default would occur for failure to deliver overdue financial statements.

The fast-growing doughnut retailer, mired in financial problems and an SEC investigation of its accounting practices, did not file a report for the quarter ended Oct. 31, 2004, and has not filed a quarterly report for six months. The move could give the company’s new ceo, Stephen Cooper, time to put together a turnaround plan. It is known that many Krispy Kreme franchises are losing money. The company currently operates 435 stores (comprised of 399 factory stores and 36 satellites) in 45 U.S. states, Australia, Canada, Mexico, the Republic of South Korea and the United Kingdom.

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