Krispy Kreme is targeting shop growth again, signing a franchise development agreement with Original Entrepreneurs LLC to open 33 new units across the New York metro area throughout the next five years.<\/p>\n
The shops will be developed in New York City and the surrounding region, including Long Island and New Jersey. The Original Entrepreneurs has been a Krispy Kreme franchisee since 2017 and currently operates 12 Krispy Kreme shops across New Jersey and New York.<\/p>\n
\u201cWe’re pleased to continue growing with Original Entrepreneurs,\u201d CEO Josh Charlesworth said in a statement. \u201cThis development agreement reflects our focus on capital-light franchise growth and enables us to expand with an operator that has deep expertise building and operating Krispy Kreme shops in a competitive market.\u201d<\/p>\n
Karl Halligan, principal of Original Entrepreneurs, said the company is confident in the strength of the brand.<\/p>\n
Krispy Kreme is in the middle of a turnaround plan introduced last year after its ambitious McDonald\u2019s partnership ended, leaving the chain with a heavy load of debt and without a major revenue stream. That four-part plan includes steps to refranchise<\/a>, focus on asset-light development, cut costs, and pursue long-term profitability.<\/p>\n