COMPANY PROFILE

Krispy Kreme
Doughnuts, Inc.

REFERENCE CODE: B513FE44-D466-4B95-AF46-64A15EE45AE5

PUBLICATION DATE: 27 Aug 2014
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Krispy Kreme Doughnuts, Inc.

TABLE OF CONTENTS

TABLE OF CONTENTS
Company Overview..............................................................................................3
Key Facts...............................................................................................................3
Business Description...........................................................................................4
History...................................................................................................................5
Key Employees.....................................................................................................8
Key Employee Biographies..................................................................................9
Major Products and Services............................................................................15
Top Competitors.................................................................................................16
Locations and Subsidiaries...............................................................................17

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Krispy Kreme Doughnuts, Inc.

Company Overview

COMPANY OVERVIEW
Krispy Kreme Doughnut (Krispy Kreme) is a retailer and wholesaler of doughnuts, complementary
beverages and treats and packaged sweets. As of February 2014, there are 254 Krispy Kreme stores
operated domestically in 38 states and in the District of Columbia, and there are 574 shops in 23
other countries around the world. Of the 828 total stores, 308 are factory stores and 520 are satellites.
It is headquartered in Winston Salem, North Carolina, and employs around 4,300 people.
The company recorded revenues of $460.3 million in the fiscal year ended February 2014, an increase
of 5.6% over 2013. The company's operating profit was $46.6 million in fiscal 2014, an increase of
23.4% over 2013. Its net profit was $34.3 million in fiscal 2014, an increase of 64.9% over 2013.

KEY FACTS
Head Office

Krispy Kreme Doughnuts, Inc.

370 Knollwood Street
Winston Salem
North Carolina 27103
USA

Phone

1 336 726 2981

Fax
Web Address

http://www.krispykreme.com

Revenue / turnover 460.3

(USD Mn)
Financial Year End

February

Employees

4,300

New York Stock

Exchange Ticker

KKD

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Business Description

BUSINESS DESCRIPTION
Krispy Kreme Doughnut (Krispy Kreme) is a branded retailer and wholesaler of doughnuts,
complementary beverages and treats and packaged sweets.
The company operates through four business segments: company stores, domestic franchise,
international franchise and KK supply chain.
The company stores segment is comprised of the doughnut shops operated by Krispy Kreme. These
shops sell doughnuts and complementary products through the on-premises and wholesale channels
and come in two formats: factory stores and satellite shops. Factory stores have a doughnut-making
production line, and many of them sell products to on-premises consumers and at wholesale to
approved retailers of Krispy Kreme products. Factory stores also include commissaries which serve
only wholesale customers. Satellite shops, which serve only on-premises customers, are smaller
than most factory stores, and include the hot shop and fresh shop formats. As of February 2014,
there are 95 company shops in 18 states and the District of Columbia, including 76 factory and 19
satellite shops.
The domestic franchise segment consists of the companys domestic store franchise operations and
the licensing of Krispy Kreme products domestically. Domestic franchise stores sell doughnuts and
complementary products through the on-premises and wholesale channels. As of February 2014,
there are 159 domestic franchise stores in 30 states, consisting of 107 factory and 52 satellite stores.
The international franchise segment consists of the companys international store franchise operations.
International franchise stores sell doughnuts and complementary products through the on-premises
sales channel using shop formats similar to those used in the US, and also using a kiosk format. As
of February 2014, there are 574 international franchise shops in 23 countries, consisting of 125
factory stores and 449 satellite shops.
The KK supply chain segment produces doughnut mixes and manufactures doughnut-making
equipment. In addition, the segment sells other ingredients, packaging and supplies, principally to
company-owned and domestic franchise stores.
The company's subsidiaries are: HDN Development Corporation, HDN Motor Coach, LLC, Krispy
Kreme Asia Pacific Ltd., Krispy Kreme Canada, Inc., Krispy Kreme Doughnut Corporation, North
Texas Doughnuts, L.P., Northeast Doughnuts, LLC and Panhandle Doughnuts, LLC.

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History

HISTORY
Krispy Kreme Doughnut (Krispy Kreme) was founded in 1937 by Vernon Rudolph.
During 1970's, the company was re-organized after it was purchased by Beatrice Foods Company
in 1976.
A small group of associates, the company's early franchisees, bought Krispy Kreme back from
Beatrice Foods Company in 1982. The company soon began to expand with the opening of its first
store in New York City in 1996, and in California in 1999.
In 2000, Krispy Kreme made its initial public offering (IPO).
The company made its first international market opening in 2001, in Mississauga, Ontario, Canada,
outside of Toronto which was launched with its Canadian partners, KremeKo. In the same year, the
company acquired Digital Java, a small Chicago-based coffee company, and a sourcer and
micro-roaster of premium quality coffees.
In 2003, the company acquired Montana Mills Bread, an owner and operator of upscale 'village
bread stores' in the Northeastern US. In the same year, Krispy Kreme opened its first store outside
North America, located in the Sydney, Australia, suburb of Penrith. Also in the same year, the
company opened its first European store in London, the UK.
Krispy Kreme opened its first Mexican store in 2004. In the same year, the company acquired the
remaining 33% of Golden Gate Doughnuts, the company's area developer for Northern California,
of which the company currently owns 100% of the rights to develop the Northern Californian market.
In 2006, the company terminated the franchise licenses of its financially troubled Southern California
franchisee, Great Circle Family Foods, and also reached a mutual agreement with its Houston area
franchisee, Lone Star Doughnuts, to end their existing franchisor-franchisee relationship. In the same
year, Glazed Investments, the company's area developer for Colorado, Minnesota and Wisconsin
was purchased by Westward Dough.
The company signed a supply agreement with S&D Coffee, which purchased certain of the company's
coffee roasting assets, in 2007.
In the following year, Krispy Kreme entered into a franchise agreement with Berjaya Krispy Kreme
Doughnuts in Malaysia for the development of approximately 20 Krispy Kreme retail shops over the
next five years.
The company opened its first doughnut shop in Malaysia with the name of Berjaya Krispy Kreme
Doughnuts in 2009. In the same year, Krispy Kremes franchisee, Almana Yiyecek Ve Icecek San

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History

(part of the Almana Group) opened the first Krispy Kreme doughnut shop in Turkey. Also the same
year, the companys franchise partner, KKD Lotte Holdings opened the first Krispy Kreme doughnut
shop in Shanghai, China.
In 2010, Krispy Kreme franchisee, Dominspec, opened the first Krispy Kreme doughnut shop in the
Dominican Republic, located in the center of Santo Domingo on the popular Winston Churchill
Avenue. In the same year, the company's franchisee, KDN Company, opened the first Krispy Kreme
doughnut shop in the Kingdom of Thailand, located in the Siam Paragon shopping center, a premium
destination conveniently located in the heart of the Bangkok business district.
The company entered into a supply chain distribution agreement with Sysco Corporation, which is
engaged in marketing and distributing a range of food and related products to the foodservice and
food-away-from-home industry in 2011. Under the proposed agreement, Sygma, a Sysco subsidiary,
would distribute proprietary doughnut mixes, other ingredients and supplies to Krispy Kreme franchise
and Company shops in the Eastern US. In the same year, the company opened its new shop located
at 728 N Judd Parkway in Fuquay-Varina.
Also in 2011, Krispy Kreme opened its new store at 110 Clemson Rd, Columbia, South Carolina. In
the same year, Krispy Kreme signed a new development agreement with its Japanese franchisee,
Krispy Kreme Doughnut Japan, pursuant to which the franchisee was agreed to build 73 new locations
in the Kanto, Kansai and Chubu regions of Japan over the next five years.
Furthermore, in 2011, the company signed a new development agreement with its franchisee in the
UK, Krispy Kreme UK. Pursuant to the agreement, Krispy Kreme UK has agreed to open 35 additional
locations in the UK over the next six years. In the same year, Krispy Kreme signed a new development
agreement with its franchisee in the Philippines, The Real American Doughnut Company, pursuant
to which, The Real American Doughnut Company agreed to open an additional 23 locations in
Philippines over the next five years.
Later in 2011, the company signed additional development agreements with Krispy Kreme Doughnut
Japan, pursuant to which the franchisee will build an additional 19 locations over the next five years
that will be located in the Kyushu and Chugoku regions of Japan.
Krispy Kreme signed a development agreement for Moscow with LLC Doughnuts Cafe, wholly owned
and operated by Arkady Novikov in April 2012. As part of the new agreement, the LLC Doughnuts
Cafe will build 40 Krispy Kreme shops over the next five years in the city of Moscow.
Also in 2012, the company signed its first development agreement in India, a regional agreement
with new franchisee Bedrock Food Company Pvt., Ltd. Under the new agreement, Bedrock Food
Company is expected to open 35 stores over the next five years.
Krispy Kreme entered into a letter of intent with an affiliate of Sun Holdings, LLC (Sun Holdings) for
the sale of three company-owned shops in Dallas, Texas in June 2013.

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History

In November 2013, the company signed an agreement with North to Alaska, LLC for the development
of four Krispy Kreme shops in Anchorage and the Matanuska Valley.
The company appointed Cathleen D Allred as Senior Vice President of Human Resources and
Organizational Development in May 2014. In the following month, Anthony N Thompson was appointed
as President and Chief Executive Officer at Krispy Kreme.
In June 2014, the company announced a development agreement with its domestic franchisee,
CMC&A Foods LLC, for the development of three Krispy Kreme doughnut shops in Washingtons
Benton, Franklin and Yakima Counties.
The company opened a Krispy Kreme store in Delaware, the US in July 2014.

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Key Employees

KEY EMPLOYEES
Name

Job Title

Board

James H Morgan

Executive Chairman

Executive Board

Robert S McCoy

Lead Independent Director

Non Executive Board

Charles A Blixt

Director

Non Executive Board

Lynn Crump Caine

Director

Non Executive Board

C Stephen Lynn

Director

Non Executive Board

Andrew J Schindler

Director

Non Executive Board

Michael H Sutton

Director

Non Executive Board

Lizanne Thomas

Director

Non Executive Board

Togo D West

Director

Non Executive Board

Anthony N Thompson

President and Chief Executive

Officer

Senior Management

Cathleen D Allred

Senior Vice President of Human

Resources and Organizational
Development

Senior Management

Cynthia A Bay

Senior Vice President, the US

Franchises and Company Stores

Senior Management

Daniel L Beem

Senior Vice President and President Senior Management

International

Darryl R Marsch

Senior Vice President, General

Counsel and Secretary

M Bradley Wall

Senior Vice President, Supply Chain Senior Management

and Off-Premises Operations

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Compensation
3086083 USD

913504 USD

Senior Management
913507 USD

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Key Employee Biographies

KEY EMPLOYEE BIOGRAPHIES

James H Morgan
Board: Executive Board
Job Title: Executive Chairman
Since: 2012
Age: 66
Mr. Morgan has been the Executive Chairman at Krispy Kreme Doughnuts (Krispy Kreme) since
May 2014. He previously served as the President and Chief Executive Officer of the company. Mr.
Morgan was the Chairman at Covenant Capital, LLC, an investment management firm, from 2001
to 2008; Chairman and Chief Executive Officer at Wachovia Securities, Inc. in 1999; and employed
by Interstate/Johnson Lane, an investment banking and brokerage firm, from 1990 to 1999 in various
capacities, including as Chairman and Chief Executive Officer. He serves as a Director at Coca-Cola
Bottling Co. Consolidated.

Robert S McCoy
Board: Non Executive Board
Job Title: Lead Independent Director
Since: 2008
Age: 75
Mr. McCoy has been the Lead Independent Director at Krispy Kreme Doughnuts (Krispy Kreme)
since 2008. He has been a Director of the company since 2003. Mr. McCoy has been a Director at
MedCath Corporation, a cardiovascular services company, since 2003; and Director at Web.com
Group, a provider of website building tools, internet marketing and lead generation solutions, since
2007. He retired in 2003 as the Vice Chairman at Wachovia Corporation. From 1992 to 2001, Mr.
McCoy served as the Vice Chairman and Chief Financial Officer at Wachovia Corporation; from
1984 to 1992, he served as the President and Chief Financial Officer at South Carolina National
Corporation, which was acquired by Wachovia in 1992. Prior to that time, he had a 23-year career
at Price Waterhouse, including as a partner, from 1974 to 1984.

Charles A Blixt
Board: Non Executive Board
Job Title: Director
Since: 2007
Age: 62

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Key Employee Biographies

Mr. Blixt has been a Director at Krispy Kreme Doughnuts (Krispy Kreme) since 2007. He has also
been a Director at Targacept, a clinical-stage biopharmaceutical company, since 2000. Mr. Blixt
served on the Board of Directors at Swedish Match, a global tobacco company based in Stockholm,
Sweden, from 2007 to 2011. He also served as Krispy Kremes General Counsel on an interim basis,
from 2006 to 2007; Executive Vice President and General Counsel at Reynolds American, from
2004 to 2006; and Executive Vice President and General Counsel at R.J. Reynolds Tobacco
Company, from 1995 to 2004.

Lynn Crump Caine

Board: Non Executive Board
Job Title: Director
Since: 2007
Age: 57
Ms. Crump Caine has been a Director at Krispy Kreme Doughnuts (Krispy Kreme) since 2007. She
has also been a Director at G&K Services, Inc. since 2008. Ms. Crump Caine was a Director at
Advocate Healthcare System from 2003 to 2013. She has served as the Chief Executive Officer at
OutsideIn Consulting, an organizational performance and strategy development consulting firm,
since 2004; Executive Vice President of Worldwide Operations at McDonalds Corporation, from
2001 to 2004; and Executive Vice President of the US Restaurant Operations and Systems at
McDonalds, from 1999 to 2001.

C Stephen Lynn
Board: Non Executive Board
Job Title: Director
Since: 2007
Age: 66
Mr. Lynn has been a Director at Krispy Kreme Doughnuts (Krispy Kreme) since 2007. He served on
the Board of Directors at Back Yard Burgers, Inc. from 2005 to 2012, as Chairman at BBAC, LLC
from 2009 to 2012, and as Chairman at Cummings Incorporated from 1999 to 2011. Mr. Lynn has
served since 2012 as founder and managing partner of RP3, LLC, a consulting and mergers and
acquisitions firm focusing on franchising and restaurant chains. He served as the Chairman and
Chief Executive Officer at Shoneys, Inc. from 1995 to 1998; and Chairman and Chief Executive
Officer at Sonic Corporation from 1983 to 1995. Mr. Lynn began his franchising experience as
Director of the Distribution Division at Kentucky Fried Chicken Corporation from 1973 to 1978.

Andrew J Schindler
Board: Non Executive Board
Job Title: Director
Since: 2006

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Key Employee Biographies

Age: 69
Mr. Schindler has been a Director at Krispy Kreme Doughnuts (Krispy Kreme) since 2006. He has
also been a Director at Hanesbrands Inc. and ConAgra Inc. since 2006 and 2007, respectively. Mr.
Schindler also served on the Board of Directors at Arvin Meritor, Inc., a global automotive supply
company, from 2004 to 2008, and Pike Electric Corporation, an energy solutions company, from
2006 to 2007. He served as Chairman and Chief Executive Officer at R.J. Reynolds Tobacco Holdings,
Inc. from 1999 to 2004, and Executive Chairman at Reynolds American Inc., a company formed in
2004 by the merger of R.J. Reynolds Tobacco Holdings and the US operations of British American
Tobacco PLC, from 2004 to 2005. In over 31 years with Reynolds, Mr. Schindler held various senior
management positions, including Vice President of Personnel, Executive Vice President of Operations
and Chief Operating Officer at R.J. Reynolds Tobacco Company and Director of Manufacturing at
Nabisco Foods. He retired from his executive position at Reynolds American Inc. in 2005.

Michael H Sutton
Board: Non Executive Board
Job Title: Director
Since: 2004
Age: 73
Mr. Sutton has been a Director at Krispy Kreme Doughnuts (Krispy Kreme) since 2004. He served
on the Board of Directors at Allegheny Energy, Inc., a previously public utility holding company, from
2004 to 2011. Mr. Sutton also served on the Board of Directors at American International Group,
Inc., an insurance and financial services company, from 2005 to 2009. Mr. Sutton has served as an
independent consultant on accounting and auditing regulation issues since 1999. He served as Chief
Accountant at the SEC from 1995 to 1998, with responsibility for formulating SEC policy on financial
accounting and reporting by public companies. Prior to that position, Mr. Sutton was a senior partner
and National Director of Accounting and Auditing Professional Practice at Deloitte & Touche LLP.

Lizanne Thomas
Board: Non Executive Board
Job Title: Director
Since: 2004
Age: 56
Ms. Thomas has been a Director at Krispy Kreme Doughnuts (Krispy Kreme) since 2004. She serves
as the Partner-in-Charge at Jones Days Atlanta office. Ms. Thomas has been practicing law since
1982. She heads Jones Days global corporate governance team. Ms. Thomas advises clients with
respect to public and private mergers and acquisitions, corporate finance, corporate and securities
compliance, disclosure and fiduciary issues, and executive compensation.

Togo D West

Krispy Kreme Doughnuts, Inc.

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Key Employee Biographies

Board: Non Executive Board

Job Title: Director
Since: 2000
Age: 71
Mr. West has been a Director at Krispy Kreme Doughnuts (Krispy Kreme) since 2000. He has also
been a Director at Bristol-Myers Squibb Company, a global biopharmaceutical company, since 2008;
Director at FuelCell Energy, Inc., a manufacturer of high-efficiency power plants, since 2008. Mr.
West also served on the Board of Directors at AbitibiBowater Inc., a paper products company, from
2002 to 2010. He serves as the Chairman of the Board of Trustees at Noblis, Inc.; and Chairman at
TLI Leadership Group. Mr. West served as the President and Chief Executive Officer at the Joint
Center for Political and Economic Studies, a nonprofit research and public policy institution, from
2004 to 2006. He served as an attorney with the law firm at Covington & Burling in Washington,
including as of Counsel to the firm from 2000 to 2004; served as Secretary of Veterans Affairs and
a member at President Clintons Cabinet from 1998 to 2000; served as Secretary at the Army from
1993 to 1998; served as Senior Vice President for Government Relations at Northrop Corporation
from 1990 to 1993; and served as a partner with the law firm of Patterson, Belknap, Webb & Tyler
LLP from 1981 to 1990. Mr. West has been General Counsel of the Department at Defense and
General Counsel of the Department at Navy, and has served at the United States Department of
Justice.

Anthony N Thompson
Board: Senior Management
Job Title: President and Chief Executive Officer
Since: 2014
Age: 47
Mr. Thompson has been the President and Chief Executive Officer at Krispy Kreme Doughnuts
(Krispy Kreme) since June 2014. He joined Krispy Kreme from Papa Johns International, Inc., where
he most recently served as President and Chief Operating Officer. At Papa Johns, he previously
held the positions of Executive Vice President, Global Operations; Executive Vice President, North
American Operations; Senior Vice President, PJ Food Service; and Vice President, QCC Operations.
Prior to joining Papa Johns in 2006, Mr. Thompson worked at The Scotts Miracle-Gro Company for
six years as Plant Manager, Director of Marysville Operations and Director of Lawn and Controls
Operations.

Cathleen D Allred
Board: Senior Management
Job Title: Senior Vice President of Human Resources and Organizational Development
Since: 2014

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Key Employee Biographies

Ms. Allred has been the Senior Vice President of Human Resources and Organizational Development
at Krispy Kreme Doughnuts (Krispy Kreme) since May 2014. She served as Vice President of
Corporate Human Resources and Training from 2008 to May 2014. Prior to that, Ms. Allred served
as Human Resources Director from 2006 to 2008. She joined Krispy Kreme in 2002 as Human
Resources Manager, and served in that capacity until 2005 when she briefly left Krispy Kreme and
was Human Resources Manager at Polo Ralph Lauren. She rejoined Krispy Kreme as Director of
Training in 2005. Prior to joining Krispy Kreme, she served in recruitment and human resources
management positions at LifeStyle Furnishings International and American Technical Resources.

Cynthia A Bay
Board: Senior Management
Job Title: Senior Vice President, the US Franchises and Company Stores
Since: 2011
Age: 56
Ms. Bay has been the Senior Vice President of the US Franchises and Company Stores at Krispy
Kreme Doughnuts (Krispy Kreme) since 2011. Prior to this, she served as the Senior Vice President
of Company Store Operations of the company, from 2008 to 2011. From 2006 to 2008, Ms. Bay was
an Independent Consultant. Formerly, she held management positions at McDonalds Corporation,
from 1981 to 2006. Most recently, Ms. Bay served as the Vice President of Operations, Training,
and Franchising at McDonalds Corporation, from 2003 to 2006.

Daniel L Beem
Board: Senior Management
Job Title: Senior Vice President and President International
Since: 2014
Age: 45
Mr. Beem has been the Senior Vice President and President of International at Krispy Kreme
Doughnuts (Krispy Kreme) since February 2014. He has over 20 years of experience in the restaurant
industry. Mr. Beem most recently served as President at Cold Stone Creamery and Kahala Corp.
International. Prior to joining Cold Stone in 2003, he held executive and management positions with
Planet Hollywood, T.G.I. Fridays, Gordon Biersch Brewing Company and NASCAR.

Darryl R Marsch
Board: Senior Management
Job Title: Senior Vice President, General Counsel and Secretary
Since: 2012
Age: 48

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Key Employee Biographies

Mr. Marsch has been the Senior Vice President, General Counsel and Secretary at Krispy Kreme
Doughnuts (Krispy Kreme) since 2012. He joined Krispy Kreme in 2007 as Vice President and
Associate General Counsel. Prior to that, Mr. Marsch was Senior Counsel at R.J. Reynolds Tobacco
Company from 1998 to 2007. From 1991 to 1998, Mr. Marsch was an associate at the law firm of
Jones Day.

M Bradley Wall
Board: Senior Management
Job Title: Senior Vice President, Supply Chain and Off-Premises Operations
Since: 2008
Age: 42
Mr. Wall has been the Senior Vice President of Supply Chain and Off-Premises Operations at Krispy
Kreme Doughnuts (Krispy Kreme) since 2008. He served as Senior Vice President of Supply Chain
from 2007 to 2008. Prior to that, Mr. Wall served as the companys Vice President of Manufacturing
Operations from 2005 to 2007, Vice President of Beverage Operations from 2004 to 2005 and Vice
President of Business Development from 2003 to 2004. Mr. Wall joined Krispy Kreme in 1995 as a
Systems Analyst.

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Major Products and Services

MAJOR PRODUCTS AND SERVICES

Krispy Kreme Doughnut (Krispy Kreme) is a retailer and wholesaler of doughnuts, complementary
beverages and treats and packaged sweets. The company's key products include the following:
Products:
Doughnuts
Complementary beverages
Treats
Packaged sweets
Honeybuns
Fruit pies
Mini-crullers
Chocolate products

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Top Competitors

TOP COMPETITORS

The following companies are the major competitors of Krispy Kreme Doughnuts, Inc.

Bimbo Bakeries USA

McKee Foods Corporation
Sara Lee Corporation
Hostess Brands, LLC

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Locations and Subsidiaries

LOCATIONS AND SUBSIDIARIES

Head Office
Krispy Kreme Doughnuts, Inc.
370 Knollwood Street
Winston Salem
North Carolina 27103
USA
P:1 336 726 2981
http://www.krispykreme.com

Other Locations and Subsidiaries

HDN Development Corporation
Kentucky
USA

HDN Motor Coach, LLC

North Carolina
USA

Krispy Kreme Asia Pacific Ltd.

HKG

Krispy Kreme Canada, Inc.

North Carolina
USA

Krispy Kreme Doughnut Corporation

North Carolina
USA

North Texas Doughnuts, L.P.

Texas
USA

Northeast Doughnuts, LLC

North Carolina
USA

Panhandle Doughnuts, LLC

North Carolina
USA

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