Winston-Salem, N.C.—June 5, 2002—Krispy Kreme Doughnuts Inc. announced today that its first stores outside continental North America will be in Australia and New Zealand.

The company said it has entered into a development agreement with the Australian firm, Borderless Australia Pty LTD. The joint venture between the two companies will be known as Krispy Kreme Australia, and it is expected to build 30 stores in the region over 5 years. The first store is scheduled to open in Sydney next March.

Krispy Kreme Australia Chief Executive John McGuigan told reporters that the franchise will focus on Sydney markets first, then Melbourne and the eastern coast of Australia before adding stores in New Zealand .

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