Krispy Kreme

Corporate brand

American multinational doughnut and coffeehouse chain known for its yeast-raised doughnuts and illuminated “Hot Now” retail experience.

Last updated October 7, 2026

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Overview

Krispy Kreme is an American multinational doughnut company and coffeehouse chain founded in Winston-Salem, North Carolina, in 1937 by Vernon Rudolph. Its best-known product is the Original Glazed yeast-raised doughnut, sold through factory shops, franchised stores, supermarkets, convenience stores, delivery channels, and other retail partners. The brand name deliberately uses the nonstandard spelling “Krispy Kreme,” a marketing-oriented rendering of “crispy cream.” The company developed from a family doughnut business associated with Rudolph’s uncle in Kentucky and Tennessee. Rudolph acquired a yeast-raised doughnut recipe connected with New Orleans and moved to Winston-Salem, where he began producing doughnuts for local grocery stores. The aroma from the bakery attracted individual customers, helping establish a retail model that combined wholesale distribution with doughnuts sold directly from production shops. The company expanded across the southeastern United States during the 1950s and 1960s, and its visual identity became associated with the green-and-red brand palette, doughnut theater, and the illuminated “Hot Now” sign. Krispy Kreme became a subsidiary of Beatrice Foods in 1976, before a group of franchisees bought the business back in 1982. During the 1990s, the chain expanded beyond its southeastern base. Its first location outside the United States opened in Canada in 2001, followed by broader international franchising and licensing activity across the Americas, Europe, Asia-Pacific, Africa, and the Middle East. The company’s initial public-company expansion began with a Nasdaq initial public offering in 2000 and a move to the New York Stock Exchange in 2001. Rapid store growth, market saturation, conflicts between corporate and franchisee economics, declining same-store performance, and allegations concerning accounting and company-operated store transactions contributed to a severe downturn. In 2009, the Securities and Exchange Commission issued a cease-and-desist order related to revenue inflation and improper transactions; Krispy Kreme also reduced previously reported net income by more than $10.5 million over two years. JAB Holding Company acquired Krispy Kreme in 2016, taking it private and ending its NYSE listing. The company moved its corporate headquarters to Charlotte in 2017 while retaining substantial operational activity in Winston-Salem. It continued to develop factory shops, smaller retail formats, delivery, vending, and a “hub and spoke” distribution model that places doughnuts in a wider range of access points. Krispy Kreme acquired Insomnia Cookies in 2018, although that business continued to operate independently; a majority stake was sold to Verlinvest and Mistral Equity Partners in 2024. Krispy Kreme returned to the public markets in July 2021 through a Nasdaq listing under the ticker DNUT. Its modern strategy combines branded shops with scaled distribution through grocery, convenience, foodservice, and strategic partners. In 2024 it announced a nationwide United States distribution partnership with McDonald’s, but in 2025 the companies announced that the arrangement would end because operating costs were not sustainable and demand was insufficient. The brand remains active internationally, with its market presence varying by country through company-operated, franchised, and development-partner locations.

History

Vernon Rudolph entered the doughnut business during the Great Depression while working with his uncle, Ishmael Armstrong, whose Kentucky general store sold doughnuts. The family business moved to Nashville in 1934 and focused increasingly on doughnut production. Rudolph later acquired a yeast-raised doughnut recipe associated with a New Orleans chef and established his own operation in Winston-Salem, North Carolina, in 1937. The first bakery operated from a rented building in the Old Salem area. Initially, doughnuts were distributed to grocery stores, but customers also came to the bakery during production hours to buy them fresh and warm. The business expanded through the American Southeast in the 1950s and became a recognizable regional chain during the 1960s. Beatrice Foods acquired the company in 1976, while the corporate base remained in Winston-Salem. In 1982, franchisees purchased Krispy Kreme back from Beatrice, restoring independent ownership. A second expansion wave during the 1990s took the company beyond its traditional southeastern territory. The first international shop opened in Mississauga, Ontario, in 2001, and subsequent development agreements created a broad global network. Krispy Kreme went public on Nasdaq in 2000 and transferred its listing to the New York Stock Exchange in 2001. The chain experienced rapid growth in the early 2000s, but the expansion model created intense competition among franchisees and saturated several markets. The company also expanded supermarket and convenience-store distribution, which increased volume but reduced the scarcity and freshness cues associated with factory shops. In 2004, the company reported its first public-company loss and initially attributed weak results partly to low-carbohydrate diets. The explanation was widely questioned, and the business subsequently faced falling earnings, a major stock decline, franchisee difficulties, and an SEC investigation. A 2005 turnaround plan sought to close unprofitable locations and avoid bankruptcy. Allegations included channel stuffing, questionable franchisee buybacks, self-dealing concerns, and accounting practices designed to meet earnings expectations. The SEC’s 2009 order required remedial measures and was accompanied by a reduction in previously reported income. These events marked the end of the company’s first public-company growth cycle. Krispy Kreme was acquired by JAB Holding Company in 2016 for approximately $1.35 billion and became private. Its headquarters moved to Charlotte in 2017, while Winston-Salem continued to house important support and operating functions. Under private ownership, the company developed smaller formats, delivery and vending initiatives, tunnel-oven stores, and a distribution model that supplies doughnuts to more retail access points. It acquired Insomnia Cookies in 2018 and later sold a majority stake in that business in 2024. The company returned to Nasdaq in July 2021. In the 2020s, Krispy Kreme increasingly emphasized a hub-and-spoke network combining production facilities with partner outlets such as grocery stores, convenience stores, and restaurants. The proposed McDonald’s rollout announced in 2024 represented an especially broad distribution initiative, but it was discontinued in 2025 because the operating economics and demand did not support continuation. Krispy Kreme remains an active international doughnut and coffee brand, with country operations managed through a mixture of corporate stores, franchises, and development partners.

2025
McDonald’s partnership terminated
[1]Krispy Kremeen.wikipedia.org
The companies end the planned rollout, citing unsustainable operating costs and insufficient demand.
2024
McDonald’s distribution partnership announced
[1]Krispy Kremeen.wikipedia.org
Krispy Kreme announces a plan to distribute its doughnuts through McDonald’s restaurants nationwide in the United States.
2021
Krispy Kreme returns to Nasdaq
[1]Krispy Kremeen.wikipedia.org
The company becomes publicly traded again under the ticker DNUT.
2018
Insomnia Cookies is acquired
[1]Krispy Kremeen.wikipedia.org
Krispy Kreme acquires bakery delivery company Insomnia Cookies, which retains separate operations.
2016
JAB takes Krispy Kreme private
[1]Krispy Kremeen.wikipedia.org
JAB Holding Company completes its acquisition, ending Krispy Kreme’s NYSE listing.
2001
First international shop opens in Canada
[1]Krispy Kremeen.wikipedia.org
The company opens its first store outside the United States in Mississauga, Ontario.
2000
Initial public offering
[1]Krispy Kremeen.wikipedia.org
Krispy Kreme begins trading publicly on Nasdaq.
1982
Franchisee group restores independent ownership
[1]Krispy Kremeen.wikipedia.org
A group of Krispy Kreme franchisees buys the company back from Beatrice Foods.
1976
Beatrice Foods acquires Krispy Kreme
[1]Krispy Kremeen.wikipedia.org
Krispy Kreme becomes a wholly owned subsidiary of Beatrice Foods.
1939
First bakery outside the Southeast opens
[1]Krispy Kremeen.wikipedia.org
Krispy Kreme opens a bakery in Akron, Ohio, beginning expansion beyond its original southeastern base.
1937
Vernon Rudolph opens a Winston-Salem bakery
[1]Krispy Kremeen.wikipedia.org
Rudolph establishes the Krispy Kreme business in North Carolina and begins supplying local retailers while selling fresh doughnuts directly to customers.

Products and positioning

An indulgent, accessible doughnut brand built around freshness, theatrical in-store production, the Original Glazed product, seasonal innovation, and broad omnichannel availability.

Yeast-raised doughnut · 1937
Original Glazed Doughnut
Krispy Kreme’s signature yeast-raised doughnut, finished with a translucent glaze. It is central to the brand’s identity and is commonly associated with the illuminated “Hot Now” experience at participating shops.
Doughnut range
Assorted Doughnuts
A rotating selection of glazed, iced, filled, cake-style, chocolate, fruit, and specialty doughnuts. Availability differs by market and often includes seasonal, holiday, licensed, or locally adapted flavors.
Beverage
Krispy Kreme Coffee
Coffee and related hot and cold beverages sold alongside doughnuts in Krispy Kreme shops and selected partner channels. Beverage menus and preparation formats vary by market.
Packaged food
Doughnut Boxes and Gift Packs
Multi-doughnut assortments designed for sharing, gifting, office occasions, celebrations, and delivery. Pack formats allow the brand to serve both immediate consumption and planned group purchases.

Controversies

2021
Retailers named in lawsuit over mask requirements
Jennifer Reinoehl filed a lawsuit against the CDC and multiple retailers, including Krispy Kreme, Sephora, and AMC Theatres, alleging that their mask requirements violated laws intended to protect people with disabilities. The article reports the allegations and does not report a court determination.
Source
2021
Krispy Kreme faces backlash over vaccine promotion
Krispy Kreme faced criticism over its free-doughnut promotion for vaccinated customers; critics said the offer excluded people who did not want the vaccine and raised health concerns about daily doughnut consumption.
Source
2015
Krispy Kreme apologizes for kids-club promotion name
Krispy Kreme apologized after its UK kids-club promotion used the name “Krispy Kreme Klub,” abbreviated as “KKK,” drawing criticism on social media. The company said it had withdrawn all online and in-store material and would take steps to apply greater precautions to publicity materials.
Source
2009
SEC cease-and-desist order
The SEC alleged that the company inflated revenue and used improper transactions involving company stores. Krispy Kreme subsequently reduced reported net income by more than $10.5 million over two years and undertook remedial actions.
Source
2005
Accounting and franchisee-relationship controversy
Krispy Kreme faced allegations involving channel stuffing, questionable franchisee buybacks, self-dealing concerns, and accounting practices connected to earnings targets during its rapid public-company expansion.
Source

2024Krispy Kreme at McDonald’s
United States
Krispy Kreme and McDonald’s announced a staged plan to offer Krispy Kreme doughnuts at McDonald’s restaurants nationwide, building on a Kentucky test.
Outcome. The planned nationwide rollout was discontinued in 2025 because of operating costs and insufficient demand.
Source
2022Hub-and-spoke distribution expansion
United States · International markets
Krispy Kreme expanded a distribution model in which production hubs supply doughnuts to smaller retail access points, including convenience stores, grocery stores, and selected restaurant partners.
Outcome. The model broadened availability beyond traditional factory shops and contributed to a reported network of approximately 14,000 points of sale by the end of 2023.
Source

Brand decisions

2024
McDonald’s distribution agreementStrategy
Background
Krispy Kreme aimed to increase consumer access through a large restaurant partner after a regional test.
Action taken
The companies announced a gradual rollout of Krispy Kreme doughnuts to McDonald’s restaurants across the United States.
Aftermath
The arrangement was terminated in 2025 because the operating costs were considered unsustainable and demand was insufficient.
Source
2021
Return to public marketsStrategy
Background
After five years as a JAB-owned private company, Krispy Kreme sought renewed access to public-market capital.
Action taken
The company completed a new public listing on Nasdaq under the ticker DNUT.
Aftermath
Krispy Kreme resumed reporting as a public company while continuing its mix of shops, franchises, and partner distribution.
Source
2018
Acquisition of Insomnia CookiesM&A
Background
Krispy Kreme sought to broaden its portfolio beyond doughnuts and traditional shop formats.
Action taken
The company acquired Insomnia Cookies, which continued to operate independently.
Aftermath
Krispy Kreme later sold a majority stake in Insomnia Cookies in 2024.
Enterprise value. $175 million (2018)
Source
2016
Sale to JAB Holding CompanyM&A
Background
Krispy Kreme’s earlier public-company growth cycle had produced declining performance and ownership uncertainty.
Action taken
JAB Holding Company acquired Krispy Kreme and took the company private.
Aftermath
The NYSE listing ended, and the company continued operating under private ownership until its 2021 return to public markets.
Acquisition value. $1.35 billion announced transaction value (2016)
Source
2000
Pursue public-company expansionStrategy
Background
Krispy Kreme sought capital and visibility for accelerated domestic and international store growth.
Action taken
The company completed an initial public offering on Nasdaq and expanded its store and franchise network.
Aftermath
Rapid expansion was followed by market saturation, franchisee pressure, falling earnings, and accounting controversy.
Source

Recent events

2021.12.30
Reported2021.12.30
Krispy Kreme offers two dozen Original Glazed doughnuts for $12[6]Krispy Kreme 推出两盒 Original Glazed 甜甜圈 12 美元优惠econotimes.com
Krispy Kreme launched a limited-time promotion offering two dozen Original Glazed doughnuts for $12 at participating locations across the United States, from December 30, 2021 through January 2, 2022.
2021.08.18
Reported2021.08.29
Retailers named in lawsuit over mask requirements[3]Retailers named in lawsuit over mask requirementsbusinessinsider.com
Jennifer Reinoehl filed a lawsuit against the CDC and multiple retailers, including Krispy Kreme, Sephora, and AMC Theatres, alleging that their mask requirements violated laws intended to protect people with disabilities. The article reports the allegations and does not report a court determination.
2021.06.22
Reported2021.06.22
Krispy Kreme announces planned IPO[7]Krispy Kreme宣布计划进行首次公开募股foxbusiness.com
Krispy Kreme said it plans to raise up to $640 million in an initial public offering later in 2021, proposing to sell 26.67 million shares at $21 to $24 each.
2021.03.27
Reported2021.03.27
Krispy Kreme faces backlash over vaccine promotion[4]Krispy Kreme faces backlash over vaccine promotiontoday.com
Krispy Kreme faced criticism over its free-doughnut promotion for vaccinated customers; critics said the offer excluded people who did not want the vaccine and raised health concerns about daily doughnut consumption.
2021.03.22
Reported2021.03.27
Krispy Kreme announces free doughnut offer for vaccinated customers[4]Krispy Kreme faces backlash over vaccine promotiontoday.com
Krispy Kreme announced that customers showing a valid vaccine card could receive one free glazed doughnut per day at participating stores through the end of 2021.
2020.08.19
Reported2020.08.19
Krispy Kreme announces Times Square flagship opening[8]Krispy Kreme宣布时代广场旗舰店开业计划comicbook.com
Krispy Kreme announced that its Times Square flagship shop in New York City was planned to open to the public on September 15, 2020.
2020.02.24
Reported2020.02.24
Krispy Kreme announces delivery service[9]Krispy Kreme宣布推出配送服务ksat.com
Krispy Kreme announced that it would offer delivery starting Saturday, with orders available through its app or website and a $5 delivery fee.
Weekdays and relative dates follow the original report; their exact calendar dates have not been verified.
Unconfirmed
Krispy Kreme launches mini doughnuts[10]Krispy Kreme 推出迷你甜甜圈magic939miami.iheart.com
Krispy Kreme announced the launch of mini doughnuts in four flavors as a permanent menu item.
Unconfirmed
Krispy Kreme announces Mini Mondays promotion[10]Krispy Kreme 推出迷你甜甜圈magic939miami.iheart.com
Krispy Kreme announced Mini Mondays, offering customers a free mini doughnut of their choice during the stated Monday hours in January.
Weekdays and relative dates follow the original report; their exact calendar dates have not been verified.
2019.10.22
Reported2019.10.22
Krispy Kreme opens first Loop location in Chicago[11]Krispy Kreme 在芝加哥 Loop 开设首家门店abc7chicago.com
Krispy Kreme opened a store inside Block 37 in downtown Chicago, its first location in the Loop.

Sources22 sources

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