Krispy Kreme settles lawsuit in California
Krispy Kreme Doughnuts Inc. has settled a lawsuit brought by its biggest franchisee, Los Angeles-based Great Circle Family Foods.
Under the agreement, a Krispy Kreme subsidiary named Southern Doughnuts LLC will buy three Great Circle Krispy Kreme stores in the California cities of Burbank, Ontario and Orange for $2.9 million. According to a Krispy Kreme news release, the two companies also plan to negotiate an option agreement under which Krispy Kreme would have the right to acquire Great Circle Family Foods for “nominal consideration.”
“This agreement is another step in the turnaround of Krispy Kreme,” Daryl Brewster, CEO of Krispy Kreme, said in the news release.
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