Krispy Kreme Announces Greater Maryland and Washington DC Area Development Agreement
Krispy Kreme and Monument Restaurants to Bring 20 New Doughnut Shops To MD, DC and Northern VA
WINSTON SALEM, N.C. - (BUSINESS WIRE) - Sep. 9, 2014 - Krispy Kreme (NYSE: KKD), today announced that it has signed an agreement with Monument Restaurants VII, LLC, a Virginia limited liability company, for the development of 20 new Krispy Kreme shops in Southern Maryland, Washington, DC, Northern Virginia and nearby counties over the next several years.
Concurrently, Monument Restaurants VII (RM), LLC acquired ownership of Krispy Kreme's existing Rockville, MD location. Krispy Kreme retains ownership of its remaining Washington, DC and Northern Virginia area locations.
"We are excited to partner with Monument Restaurants to expand the brand's presence in the Southern Maryland and Washington DC area," said Patricia Perry, Vice President –US Franchise Development at Krispy Kreme. "Tom Horton and the Monument team bring years of successful restaurant and operating experience, as well as, first-hand local knowledge of this important market."
"My partners and I were attracted to Krispy Kreme not only for the strong brand recognition it already has in this area," explained Tom Horton, a managing partner in Richmond, Va.-based Monument Restaurants, "but also because of its proven history of delivering great quality products, outstanding customer service and a unique restaurant experience to its guests. We look forward to making Krispy Kreme's signature doughnuts and coffees even more accessible to its Maryland and DC area fans."
Krispy Kreme currently has over 260 shops in the United States, of which approximately 160 are franchised. Additionally, the Company has over 590 locations in more than 20 countries outside the United States, all of which are franchised.
About Monument Restaurants VII, LLC
Monument Restaurants VII, LLC is part of Monument Restaurants, a proven franchise operator of multi-market, multi-unit business models. Over the past decade, Monument has developed, operated and sold over 90 Five Guys Burgers franchises in eight states. Currently, Monument operates 11 of these franchises. Monument's experienced management team has worked together during this time to develop skills in accounting, human resources, real estate and construction, facilities management, training and store operations in the restaurant business.
About Krispy Kreme
Krispy Kreme is a global retailer of premium-quality sweet treats, including its signature Original Glazed(R) doughnut. Headquartered in Winston-Salem, N.C., the Company has offered the highest-quality doughnuts and great-tasting coffee since it was founded in 1937. Krispy Kreme is proud of its Fundraising program, which for decades has helped non-profit organizations raise millions of dollars in needed funds. Krispy Kreme can be found in over 850 locations in more than 20 countries around the world.
Information contained in this press release, other than historical information, should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management's beliefs, assumptions and expectations of our future economic performance, considering the information currently available to management. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results, performance or financial condition to differ materially from the expectations of future results, performance or financial condition we express or imply in any forward-looking statements. The words "believe," "may," "forecast," "could," "will," "should," "would," "anticipate," "estimate," "expect," "intend," "objective," "seek," "strive" or similar words, or the negative of these words, identify forward-looking statements. Factors that could contribute to these differences include, but are not limited to: the quality of Company and franchise store operations; our ability, and our dependence on the ability of our franchisees, to execute on our and their business plans; our relationships with our franchisees; our ability to implement our international growth strategy; our ability to implement our domestic small shop operating model; political, economic, currency and other risks associated with our international operations; the price and availability of raw materials needed to produce doughnut mixes and other ingredients, and the price of motor fuel; our relationships with wholesale customers; our ability to protect our trademarks and trade secrets; changes in customer preferences and perceptions; risks associated with competition; risks related to the food service industry, including food safety and protection of personal information; compliance with government regulations relating to food products and franchising; increased costs or other effects of new government regulations relating to healthcare benefits; and risks associated with implementation of new technology platforms. These and other risks and uncertainties, which are described in more detail in the Company's most recent Annual Report on Form 10-K and other reports and statements filed with the United States Securities and Exchange Commission, are difficult to predict, involve uncertainties that may materially affect actual results and may be beyond the Company's control, and could cause actual results, performance or achievements to be materially different from those expressed or implied by any of these forward-looking statements. New factors emerge from time to time, and it is not possible for management to predict all such factors or to assess the impact of each such factor on the Company. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.
SOURCE Krispy Kreme
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