10.28.08
Krispy Kreme HK Faces the Grim Reaper
First Bear Stearns going out of business. Then Lehman Brothers going bankrupt. AIG is teetering. Even Iceland is in trouble. I’m not going to lie to you - those hurt. But this news from today is end-of-days-book-of-Revelations hurt.
Hong Kong’s Krispy Kreme franchisee announced plans to enter liquidation and immediately close five of their seven stores. The two remaining locations at the airport will remain open for the time being, at least until creditors meet on November 12. After that, it’s not looking good.
Does this situation not scream for government intervention?
I know that Nator and I will hold close the memories of eating several Original Glazed while sipping some surprisingly decent coffee at the Mong Kok location.
It’s not all bleak for Krispy Kreme in Greater China. Earlier this month, the mothership in America announced plans to open 35 stores in mainland China over the next five years. Beijing, Shanghai and Tianjin are first with, hopefully, others cities to follow (Wuhan?). Fortunately, Krispy Kreme awarded the franchise to Korea’s Lotte Group (the franchisee in Korea and Japan), rather than the bozos that ran Krispy Kreme Hong Kong into the ground.
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