Krispy Kreme tumbles; unit files for bankruptcy protection

NEW YORK (MarketWatch) -- Shares of Krispy Kreme Doughnuts (KKD) dropped nearly 30% to $3.42 in pre-market action on Instinet after the Winston-Salem, N.C., doughnut seller said its Freedom Rings LLC unit has filed for Chapter 11 bankruptcy protection. The company said Freedom Rings is a majority-owned unit and franchisee partner operating in the Philadelphia region. Krispy Kreme has agreed to provide funding for Freedom Rings during the restructuring process.

 

Oh, how the times have changed!