Krispy Kreme to Increase Ownership in Wisconsin, Minnesota And Colorado Franchise

According to a release filed yesterday evening, Krispy Kreme Doughnuts, Inc. will increase its company ownership from approximately 30 percent to 75 percent in Glazed Investments, LLC, the area developer franchisee that holds development rights for Wisconsin, Minnesota and Colorado. The remaining 25 percent will be held primarily by Glazed Investments' management. Krispy did not disclose the purchase price but did indicate that it expects the acquisition to be modestly raise earnings in the 2002 fiscal year.

Larry Jaro, Chief Executive Officer of Glazed Investments, will continue to oversee day-to-day operations of the group, which currently operates six Krispy Kreme factory stores and three commissaries, and plans to open an additional 19 stores over the next four years in the Denver, Minneapolis and Milwaukee markets.