I think it is about time for Blackstone Group or some other buyout firm to go after Krispy Kreme. Judging by this article by Hank Greenberg the people in there don't know what they are doing. This is from the article:
Krispy Kreme Doughnuts Inc. (KKD) hasn't filed its financial statements with the SEC since last September. It recently warned the delays will continue in the fiscal first quarter, which (surprise, surprise) will show a loss.
This is the same company that hasn't yet hired a permanent CEO. Instead, the acting CEO is Stephen Cooper of the management firm of Kroll Zolfo, who is getting paid $760 per hour while his partner, Stephen Panagos -- acting president -- gets $695 per hour.
Furthermore, their firm recently extended the deadline (yet again!) to negotiate a "success fee" for its role in Krispy Kreme's restructuring.
Meanwhile, the company hasn't implemented any advertising. It hasn't rolled out any new products. And it doesn't appear to have done much of anything to help its franchisees
It seems like these guys are trying to run the firm into the ground here while they are raking in the big bucks. At least Blackstone Group or someone like that will run the company fairly decently in order to make back their investment. I'd like to see it happen simply because a world without Krispy Kremes is a sad, sad place.
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