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Krispy Kreme Doughnuts history
Krispy Kreme Doughnuts company history timeline
Since 1937, Krispy Kreme has been active in community fundraising.
The company established its national headquarters in Winston-Salem in 1941.
Krispy Kreme initiated an expansion program in 1946 that included producing the mix at a central plant in Winston-Salem to ensure consistency.
In 1962 the company began to use air pressure to form almost perfectly symmetrical doughnuts.
After the company was reorganized, Beatrice Foods Company purchased the firm in 1976.
Nevertheless, the company grew to 116 stores by 1980.
In 1982, a small group of our early franchisees bought Krispy Kreme back from Beatrice Foods.
1982: Group of investors led by franchisee Joseph A. McAleer, Sr., buy Krispy Kreme in a $22 million leveraged buyout.
After grooming his son, Mac, for the CEO position, Joseph McAleer, Sr., retired in 1988.
Before the company placed a new emphasis on retail sales in 1989, they had accounted for only a quarter of sales.
In 1995 the company tested a cobranding concept with Kroger grocery stores, whereby the doughnuts would be shipped fresh daily and placed in the bakery section, rather than the bread shelves.
Fund-raising traditionally accounted for around 10 percent of the company's sales and brought in more than $12 million in 1995.
1995: First shop outside the South opens in Indianapolis.
In 1996 Krispy Kreme introduced its proprietary blend, titled "America's Cup of Coffee." One and a half years of extensive research (assisted by 1,200 customers) preceded the introduction. "Americans are drinking more coffee and becoming more knowledgeable about coffee," explained Jack McAleer.
1996: The first New York City Krispy Kreme outlet makes its debut.
Livengood was named president and CEO in 1998 and then became chairman as well the following year.
By 1999, Krispy Kreme had expanded nation-wide with stores from New York City to California.
In 1999, he was also elected chairman of the board.
1999: First West Coast store opens in La Habra, California.
Revenues reached $220.2 million for the fiscal year ending in January 2000, a 40 percent increase over the figure from two years earlier.
Leveraging its growing cult status to fund further expansion and the remodeling and relocating of some older units, the company went public as Krispy Kreme Doughnuts, Inc. on April 5, 2000.
With the bursting of the technology stock bubble around this time, Krispy Kreme became one of the hottest stocks around, and another 10.4 million shares were sold in a secondary offering in February 2001.
Expansion outside the United States began as well, with the first foreign outlet opening near Toronto, Canada, in December 2001.
associated press. "krispy kreme profits a delicious double," daily news.com, 9 march 2002. available at http://dailynews.com/business/articles/0302/09/biz04.asp.
hoover's online. "krispy kreme doughnuts, inc. profile," 10 april 2002. available at http://www.hoovers.com.
Net income that year totaled $39.1 million, up 51.6 percent over the 2002 level.
investors.com. "scott a. livengood," 2002: a business and economic outlook. available at http://www.investors.com/2002conference/scottlivengood.html.
The first stores outside North America opened in Sydney Australia and in London, England in 2003.
By late 2003, the company was operating more than 300 doughnut shops in 42 states; Ontario, Canada; Sydney, Australia; and the United Kingdom.
On the expansion front, Krispy Kreme by late 2003 had stores in 42 states, including its first outlets in New England, a stronghold of archrival Dunkin' Donuts, which was based in Randolph, Massachusetts.
2003: Montana Mills Bread Co., Inc. is acquired for about $40 million in stock.
Systemwide sales were expected to surpass the $1 billion mark during fiscal 2004, a year in which the corporation planned to open 77 new stores, most of them franchise outlets.
The overall goal was to increase the amount of sales deriving from beverages from 10 percent to about 20 percent by around 2008.
"Krispy Kreme Doughnuts, Incorporated ." Company Profiles for Students. . Retrieved June 22, 2022 from Encyclopedia.com: https://www.encyclopedia.com/economics/economics-magazines/krispy-kreme-doughnuts-incorporated
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Krispy Kreme Doughnuts competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Panera Bread | 1981 | $2.8B | 140,000 | 3,745 |
| McDonald's | 1940 | $25.9B | 210,000 | 42,147 |
| Subway | 1965 | $16.1B | 5,000 | 704 |
| Sonic Drive-In | 1953 | $423.6M | 5,000 | 5,252 |
| Wendy's | 1969 | $2.2B | 12,500 | 3,904 |
| Pizza Hut | 1958 | $7.5B | 350,000 | 13,300 |
| Yum! Brands | 1997 | $7.5B | 34,000 | 160 |
| Domino's Pizza | 1960 | $4.7B | 14,400 | 12,766 |
| Red Lobster | 1968 | $2.6B | 55,000 | 2,258 |
| A&W Restaurants | 1919 | $99.4M | 35,160 | 27 |
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