Krispy Kreme Doughnuts is beginning
to recover after a heavy string of financial losses and is ready to
That's what company officials told investors Wednesday at the first
annual shareholder's meeting since 2004. Officials also say they
plan to develop smaller stores in the United States.
The Winston-Salem-based doughnut maker ran into financial
trouble three years ago as it expanded operations during the height
of the low-carb diet craze.
The company also waded through an accounting mess, with the
board ousting two former executives it concluded were trying to
"manage earnings" to meet Wall Street expectations.
Krispy Kreme filed its last overdue financial statement Monday,
reporting a loss of about 142 million dollars for the third
quarter of 2004.