Krispy Kreme sells remaining stake in Insomnia Cookies

Krispy Kreme’s $75-million remaining stake sale is part of the brand’s expansion in US. (Source: Krispy Kreme)

Krispy Kreme has sold its remaining stake in Insomnia Cookies for $75 million in cash, following the doughnut maker’s sale of its majority stake last year. 

“This is an important step as we focus on our two biggest opportunities: Profitable US expansion and capital-light international franchise growth,” said Josh Charlesworth, CEO of Krispy Kreme.

The company plans to use the $75 million to pay down its debt after covering transaction-related fees and expenses.

“We continue to take swift, decisive action to de-leverage our balance sheet and drive sustainable, profitable growth,” said Charlesworth.

Last month, Krispy Kreme doubled down on franchise expansion despite softer earnings.

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